Astra to refinance $240 million debt

Astra to refinance $240 million debt

JAKARTA: PT Astra International, Indonesia's largest car
maker, is seeking a syndicated bank loan to refinance its US$240
million debt.

"We are looking for a loan that carries a lower interest rate
to refinance the debt," Astra Finance Director John Slack told
Dow Jones on Wednesday.

Slack expected Astra to strike a loan deal with several
foreign banks and creditors by October.

"Astra will then complete the refinancing of the $240 million
debt by the end of this year," he said.

Astra has been trying to reduce its large overseas debt since
the 1997-1998 Asian financial crisis. Its current debt total is a
sharp drop from the $750 million owed at the end of 2002. -- Dow
Jones