Wed, 24 Jul 1996

Bakrie Investindo gets $100m facility

JAKARTA (JP): PT Bakrie Investindo, one of the Bakrie Group's three holding companies, received yesterday a US$100 million financing facility arranged by Dongsuh Securities of South Korea.

The interest rate on the three-year loan is set at 2.7 points above the six-month Singapore Inter-bank Offered Rate (SIBOR), the company said in a statement.

The arrangers and lead managers of the loan are Dongsuh Securities, KorAm Bank, Hana Bank and Voryo Merchant Bank. All of the parties are from South Korea.

The statement reported that the proceeds will be used primarily to finance Bakrie Investindo's ongoing and new projects as well as to repay short-term borrowings.

The projects include the Taman Rasuna apartment, an 18-story condominium building in Jakarta, and the Bali Nirwana Resort, a hotel, leisure and 18-hole golf course complex in Bali.

The company, which last year issued exchangeable bonds of $121 million, also runs ANteve, a nationwide television broadcasting service; a coal mine with a production capacity of 500,000 tons per year in East Kalimantan; and a 500-hectare tourist resort in Lampung. (icn)