Riau Pulp secures $300m loan

Riau Pulp secures $300m loan

NEW YORK (Reuter): P.T. Riau Andalan Pulp & Paper, a subsidiary of Asia Pacific Resources International Holdings Ltd, said Monday it had secured US$300 million in financing for tender offers for certain bonds it began in mid-July.

It secured $230 million under an agreement it signed July 9 with a syndicate of Indonesian financial institutions, the pulp and paper company, also known as Riaupulp, said.

A further $70 million has been provided by P.T. Tanoto Danaperkasa, an affiliate of Asia Pacific's controlling shareholders, it said.

P.T. Garuda Mas International Corp, also an affiliate of Asia Pacific's controlling shareholders, has committed to pay any amount over $300 million required in connection with the tender offers and related consent solicitations, it said.