PT Surya raises loans

PT Surya raises loans

SINGAPORE (Reuter): Indonesia's PT Surya Zig Zag will sign yesterday a US$55 million term loan facility, arranger Deutsche Morgan Grenfell said in a statement.

The facility was heavily oversubscribed in syndication and was raised from the initial level of $53 million, it said.

The statement said the borrower was effectively owned by the Wonowidjojo family. It was set up in 1989 primarily to produce cigarette paper, plug wrap and tipping paper for Indonesia's largest clove cigarette company, PT Gudang Garam.