Bapindo obtains $19m offshore loan facility

JAKARTA (JP): The state owned Bank Pembangunan Indonesia (Bapindo) obtained a loan facility worth Rp 40 billion (US$19 million) last week from a syndication of overseas banks.

Ahmad Dakyan Su'ud, Bapindo's acting chief executive, said in a statement made available to The Jakarta Post on Saturday that the transferable loan certificate facility, signed in Hong Kong on Friday, was arranged by the Hong Kong based LFC Far East Ltd., with London Forfaiting Asia Ltd. acting as an agent.

The transferable loan, the second loan facility signed by Bapindo in the last three months, will mature in two years and carries an interest rate of one percent above the London Interbank Offered Rate (LIBOR).

Bapindo signed a similar loan facility worth $50 million in Singapore early in June to strengthen its financing capability.

The first loan, arranged by the Singapore office of Arab Bank Plc., will also mature in two years. It carries an interest rate of 1.2 percent above the Singapore Interbank Interest Rate (SIBOR). (hen)