Duta Anggada secures loans

JAKARTA (JP): A syndicate of 14 foreign and local banks agreed yesterday to provide Rp 80 billion (US$33.9 million) in revolving loans to property developer Duta Anggada Realty.

The publicly-listed company announced yesterday the three-year syndicated loans, arranged by Bank Tiara Asia and American Express Bank Ltd, would be used to repay its short-term debts.

The revolving loans' interest rate was set at 3 percent above the Jakarta Inter Bank Offered Rate (JIBOR).

Duta Anggada said it had initially planned to raise Rp 25 billion from the syndicated loans, but due to the banks' enthusiasm the amount was raised to Rp 80 billion. (hen)