Panasia secures loan

JAKARTA (JP): PT Panasia Indosyntex, a publicly listed textile producer, secured yesterday a syndicated loan worth US$36 million from seven foreign and local joint venture banks.

The company said the loan, which exceeded its target of around $30 million, would be used to repay its loans at the state-owned Bank Bumi Daya.

The three-year loan, co-arranged by Inter-Pacific Bank and Bank Ficonesia, has an interest rate 3 percent above the Singapore Interbank Offered Rate (SIBOR).

The members of the syndicate are Inter-Pacific Bank, Bank Ficonesia, Hongkong Bank, Bank Societe Generale Indonesia, ABN Amro Bank, MayBank Nusa International and Bank Merincorp. (hen)