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Overview

Bank of China contributes to USD 70 Million syndicated loan to PT Delta Merlin Sandang Textile in Indonesia

Commitments (Constant USD, 2023)$16,431,871
Commitment Year•2008Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 31, 2008

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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PT Delta Merlin Sandang Textile is a spinning factory located in Jawa Tengah, which in English translates to Central Java. More detailed locational information can be found at: https://www.openstreetmap.org/relation/2388357

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • PT ANZ Panin Bank
  • PT Bank OCBC Indonesia
  • PT Bank Permata Tbk
  • Standard Chartered Bank PLC

State-owned Banks

  • PT Bank Ekspor Indonesia (Persero)

Receiving agencies

Private Sector

  • PT Delta Merlin Sandang Textile

Loan description

Bank of China contributions to 70 million USD syndicated loan to PT Delta Merlin Sandang Textile for unspecified purposes

Interest rate (t₀)•6.79125%Interest type•Variable Interest RateLoan tenor•6-month rate

Narrative

Full Description

Project narrative

On January 31, 2008, PT Bank Ekspor Indonesia (Persero), PT ANZ Panin Bank and Standard Chartered Bank led a syndicated loan of USD 70 million to PT Delta Merlin Sadang Textile. These banks were joined by PT Bank Permata, PT Bank OCBC Indonesia and Bank of China (Jakarta Branch). The allocations of the syndicated loan are unclear. The loan had an interest rate of LIBOR + a 3.75% margin, or 7.5295%. PT Delta Merlin Dunia Textile acted as the guarantor and Standard Chartered was the original lead. PT Delta Merlin Sandang Textile is a spinning industry factory that was established by Duniatex in 2003. The loan was intended to aid with capital.

Staff comments

1. The syndicated loan had a variable interest rate of 6-month LIBOR + a 3.75% margin. The interest rate of the loan that supported this project is coded based on the 6-month LIBOR at time of signing of the loan agreement. The average 6-month LIBOR rate in January 2008 was 3.7795%. The interest rate was therefore coded as 3.7795% + 3.75%, or 7.5295%. 2. The individual contributions of the syndicate members are unknown. For the time being, AidData has estimated the contribution of the Bank of China by assuming that the six lenders contributed equal amounts ($11,666,666.67) to the loan syndicate.