Tjahja sets $25m loan

Tjahja sets $25m loan

HONG KONG (Reuter): PT Tjahja Sakti Motor Corporation has launched a US$25 million term loan facility, the arranger and co- arranger said yesterday.

The borrower is 50 percent owned by PT Astra International and is sole agent for BMW cars in Indonesia.

The two-year loan pays a margin of 75 basis points over the Singapore Interbank Offered Rate (SIBOR) for direct lenders and 120 basis points over SIBOR for tax-absorbed lenders.

The front end fee is between 10 basis points to 20 basis points flat depending on participation levels. The facility is secured by negative pledge.

Proceeds of the loan will be used to refinance the borrower's existing debts and for general working capital.

Industrial Bank of Japan's Singapore branch is arranger and facility agent.