Narrative
Full Description
Project narrative
On November 5, 2004, Astra International signed a $170 million and IDR 6 billion syndicated facility agreement with a group of 16 Chinese and non-Chinese banks. The US dollar tranche was syndicated to banks and the rupiah (IDR) tranche was provided equally by the coordinating arrangers on a club basis. Coordinating arrangers included Sumitomo Mitsui Banking Corp holding $20 million, BNP Paribas, HSBC and Standard Chartered Bank lending $15 million each and ABN Amro and Citigroup taking $4 million apiece. Arrangers included Mizuho Corporate Asia (HK) and Oversea-Chinese Banking Corp with tickets of $15 million each, United Overseas Bank committing $12 million, HVB Corporates & Markets contributing $10 million and DBS Bank and Standard Bank Asia contribution $8.5 million apiece. Co-arrangers included Bumiputra-Commerce Bank, Chinatrust Commercial Bank (Offshore Banking)/PT Bank Chinatrust, Industrial & Commercial Bank of China (ICBC) and UFJ Bank with contributions of $7 million each. The borrower was expected to use the proceeds of the loan to refinance the its existing borrowings and meet general corporate funding requirements. The loan carried a 3-year maturity and an interest rate of Singapore Interbank Offered Rate (SIBOR) plus a 2.5% margin.
Staff comments
1. AidData has estimated the all-in interest rate by adding 2.5% to average 6-month SIBOR in 2004 (1%).