Dharmala Intiland borrows

Dharmala Intiland borrows

HONG KONG (Reuter): Indonesian property company PT Dharmala Intiland and a special-purpose company incorporated in the Netherlands have launched a US$45 million transferable loan certificates facility, arranger Overseas Union Bank said.

The five-year loan is guaranteed by PT Dharmala Intiland and has a put option at the end of year four. The margin is 300 basis points over the Singapore Interbank Offered Rate.

With fees, the all-in return for top-tier managers is 328 basis points.

Repayment will be in semi-annual installments of US$1.5 million commencing six months from the loan agreement date and balloon to be paid at maturity.

Proceeds will be used to refinance existing loans and for general working capital.

The other arranger is Bank Bira.

Dharmala Intiland is a unit of the Dharmala Group.