GT Petrochem gets loan

JAKARTA (JP): PT GT Petrochem Industries, a diversified Indonesian petrochemical company, announced yesterday that it had secured US$300 million in syndicated loans from 22 international financial institutions.

The loan facility, raised through its wholly owned subsidiary GTPI Netherlands B.B, would be used by GT Petrochem to refinance existing short-term loan and refinance its synthetic rubber plant and other expansion projects.

Sjamsul Nursalim, chairman of the Gadjah Tunggal Group, the company's parent shareholder, said the five-year loan facility with amortization starting at the end of the third year carried an interest margin of 0.98 percent over Singapore Interbank Offered Rates per annum.

Arrangers of the loan included ABN AMRO Bank, N.V.; BA Asia Limited; Banque Paribas and Bayerische Vereinsbank AG. (hen)