Developer gets syndicated loan of Rp 60 billion
Developer gets syndicated loan of Rp 60 billion
JAKARTA (JP): PT Suryacipta Swadaya, a developer of an
industrial estate in Karawang, West Java, yesterday gained a
syndicated loan of Rp 60 billion (US$26.4 million) from eight
domestic banks arranged by Bank Universal.
"The loan will carry an interest rate of between 20 percent
and 21 present per annum, which will be reviewed monthly
accordingly to market developments," a director of Bank
Universal, Thomas Tampi, said after signing the loan agreement at
Le Meridien Hotel.
He said Rp 57.5 billion of the loan will mature in four years,
including a grace period of 15 months, while the remainder, to be
used as working capital, will mature in two years.
The eight lending banks are Bank Bukopin (which will
contribute Rp 12.5 billion to the loan), Bank Universal (Rp 10.5
billion), Bank Lippo and Jaya Bank International (Rp 10 billion
each), Bank Panin and Bank Bira (Rp 5 billion each), Bank Kredit
Asia (Rp 2.5 billion) and Bumi Daya International Finance (US$2
million).
President of Suryacipta Swadaya Basroni Rizal said yesterday
that the loan will be used to accelerate the company's industrial
estate project and to allow the company to complete construction
before the general election in 1997.
The industrial estate, called Kota Industri Suryacipta, is
being constructed on a 500-hectare area in Telukjambe, Karawang.
The estate will be expanded to 1,000 hectares in the future.
Rizal said that the loan will be used to build a two-
kilometer, 50-meter-wide overpass linking the industrial estate
with a nearby toll road, a water treatment plant and a waste
treatment center and other basic infrastructures, such as
electricity, phone lines and natural gas pipelines.
He said his company has sold 70 hectares of the estate to
Japanese firms for the relocation and expansion of their
automotive and electronic plants.
About 62 hectares of the estate have been allocated for a
housing complex for laborers who will work at the industrial
estate. (kod)