PT Kabelindo gets $40m syndicated loan

JAKARTA (JP): PT Kabelindo Murni, a publicly-listed cable manufacturer, has signed an agreement on a five-year syndicated loan of US$40 million, available either in U.S. dollars in rupiah.

Chase Investment Bank (Singapore) Limited, which arranged the loan, said in a statement yesterday that the loan, which was signed here on Thursday, was the first syndicated loan for Kabelindo.

The loan was divided into two tranches, a US$25 million revolving-credit tranche and a $15 million medium-term tranche.

The revolving-credit tranche has an interest margin of 1.5 percent per annum over the cost of the fund with a tenor of one year, which is extendible for another year up to a maximum of five year.

The medium-term tranche carries an interest margin of two percent per annum over the cost of the fund and a tenor of five years with a put option exercisable at the end of the third year.

The statement mentioned that even though a total of $51 million was raised from the nine banks in the general syndication market, the company decided to retain the facility size at $40 million.

Kabelindo is 33.93 percent owned by PT Rawayan Indah, 26.79 percent by PT Austindo Nusantara Jaya, 10 percent by PT PLN's Education and Welfare Foundation, 7.71 percent by Global Telcom Fund and 21.57 percent by the investing public.

The lead managers of the deal were the Chase Manhattan Bank, N.A. (which provided $6 million), PT Bank PDFCI ($6 million), American Express Bank Ltd. ($6 million) and ING Bank Jakarta ($5 million).

The managers were PT Bank Credit Lyonnais Indonesia ($4 million), PT Bank Societe Generale Indonesia ($4 million) and PT Inter-Pacific Bank ($4 million), while the co-managers were DBS Buana Tat Lee Bank ($3 million) and PT Bank LTCB Central Asia ($2 million).

The company reported sales revenues of Rp 115 billion (US$51.3 million) last year, up from Rp 100.6 billion in 1993, while its net profit decreased to Rp 5.87 billion from Rp 9.64 billion. (31)