Elang Realty raises loan

Elang Realty raises loan

JAKARTA (JP): PT Elang Realty, a property company listed on
the Jakarta Stock Exchange (JSX), secured a loan commitment of
US$22 million here yesterday from a syndication of seven domestic
banks.

The company announced here yesterday that the loan would be
used to settle its debts to a number of local banks and its
subsidiaries.

Participants of the syndicated loan include Bank Ekspor Impor
Indonesia, Bank Modern, Bank Pan Indonesia, Bank Merincorp, Bank
Lautan Berlian, Bank Internasional Indonesia and Bank Astin.

Elang Realty's president, Robert Sinaulan, said that the
interest rate on the loan would be floated at a level related to
the prime rates of the participating banks.

The company, which was listed on the JSX in October, owns the
Yogyakarta-based Prambanan Hotel and a number of real estate
projects.(hen)