Great River gets $150m loan

Great River gets $150m loan

JAKARTA (JP): Publicly listed PT Great River International
secured a US$150 million syndicated revolving credit facility
with a maturity of five years in Singapore yesterday.

The company, a major integrated apparel manufacturer and
distributor in Indonesia, said it would use the loan facility to
increase its working capital.

The facility was the single largest foreign debt syndication
raised by the firm to date.

It said that despite the current market's capacity to limit
tax-absorption, the company was able to raise 50 percent of the
finance.

The facility was arranged and fully underwritten by Deutsche
Morgan Grenfell (Singapore) Ltd.

The co-arrangers are the Singapore branch of Bank Austria
Aktiengesellschaft, Sakura Merchant Bank (Singapore) Ltd, and
Tokyo-Mitsubishi International (Singapore) Ltd.

Great River's net profit rose 93 percent to Rp 25.7 billion
(US$10.8 million) last year, while sales were up by 36 percent to
Rp 268.9 billion. (bnt)