Cycle raises funds for Astra

Cycle raises funds for Astra

SINGAPORE (AFP): Singapore-listed Cycle and Carriage Ltd.
(CCL), is to issue up to S$500 million (US$292 million in notes
to help fund its acquisition of Indonesian automotive giant PT
Astra International, Standard Chartered Bank said.

Standard Chartered Bank in Singapore and CCL are to sign a
financing agreement Friday for the issue of the variable rate
notes which are due in 2002, the bank said in a statement late
Tuesday.

The bank has been appointed the arranger and lead manager for
Cycle and Carriage's note issue.

CCL led a consortium which successfully won last month a bid
for some 1.02 billion shares in Astra from the Indonesian Bank
Restructuring Agency.

CCL's stake in the acquisition, amounting to US$310 million
for 618 million shares, is being funded initially by a U.S.-
dollar bridging loan provided by Standard Chartered and CCL's own
funds.

The funds from the issue will replace the bridging loan, the
bank added.