Texmaco gets US$21m loan

JAKARTA (JP): PT Mutu Gading Tekstil, a subsidiary of the Texmaco Group, secured a US$21 million syndicated loan from seven local private banks yesterday.

The loan was arranged by Bank Nusa International. Bank Duta, Bank Pelita, Bank Dagang Nasional Indonesia, Bank Haga, Bank Hastin, Bank Merincorp and Bank IFI were the other banks.

The loan agreement was signed by Mutu Gading Tekstil executives and the seven banks.

The textile company's president, Marimutu Ganesan, said the loan would be used to finance the building of a polyester yarn factory in Surakarta, Central Java.

Bank Nusa's president, Bangun S. Kusmulyono, said the loan would mature in seven years, with a 15-month grace period.

The loan has an annual interest rate of 9 percent and a commitment fee of 0.2 percent a year. (rid)