Hexindo gets $37m loan

JAKARTA (JP): Heavy equipment distributor PT Hexindo Adiperkasa has secured a US$37 million syndicated loan arranged by the Sanwa Bank's Singapore branch and Japan's LTD.

The long term loan, provided by ten Jakarta and Singapore banks in an agreement signed in Singapore on Wednesday, has an interest rate 1.8 basis points above the Singapore Inter-bank Offered Rate,

The company's president, Rustam Effendi, said Hexindo would use the loan to improve its after-sales service, increase its capital and pay its short term loans.

Hexindo's sales of heavy equipment reached a new high of more than 1,000 units last year. (13)