Overview

ICBC Indonesia provides an IDR 73.5 billion loan to Waskita Beton Precast for working capital purposes (Linked to Record ID#105180)

Commitments (Constant USD, 2023)$4,742,156

Commitment Year•2021Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 10, 2021

First repayment (originally scheduled): Dec 13, 2021

Last repayment (originally scheduled): Mar 31, 2022

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

PT Bank ICBC Indonesia

Receiving agencies

State-owned companies

PT Waskita Beton Precast Tbk (WBP)

Collateral providers

State-owned companies

PT Waskita Beton Precast Tbk (WBP)
PT Waskita Karya (Persero) Tbk

Loan description

ICBC Indonesia provides an IDR 73.5 billion loan to Waskita Beton Precast for working capital purposes

Grace period•0.01 yearsGrant element•0.0018%Interest rate (t₀)•9.75%Interest type•Fixed Interest RateMaturity•0.305 years

Collateral

This loan was secured by (i.e. collateralized against) trade accounts receivable of PT Waskita Beton Precast Tbk (WBP) bound under fiduciary and future receivables value or turnover of WBP - contractors must by PT Waskita Karya (Persero) Tbk.

Narrative

Full Description

Project narrative

On December 10, 2021, PT Bank ICBC Indonesia entered into an IDR 73,523,809,678 credit agreement with PT Waskita Beton Precast Tbk (WBP) — an Indonesian concrete manufacturing company traded on the Indonesia Stock Exchange but majority owned (59.99% stake) by PT Waskita Karya (Persero) Tbk is an Indonesian state-owned construction company — for working capital purposes. This loan carried an interest rate of 9.75% per annum and a maturity date of March 31, 2022 (a maturity period of ~0.305 years). This loan was secured by (i.e. collateralized against) trade accounts receivable of PT Waskita Beton Precast Tbk bound under fiduciary and future receivables value or turnover of WBP - contractors must by PT Waskita Karya (Persero) Tbk. The loan featured a negative covenant against assuring assets to other parties excepting when WBP maintained DER at a maximum of 3x during the loan period. The proceeds were to be used by the borrower for working capital purposes. Record ID#105179 captures this loan. This loan was fully drawn as of December 31, 2021. On June 30, 2022, this loan facility was restructured into a long-term bank loan as part of a larger reconciliation agreement with many creditors due to the borrower's distress. The maturity was extended by 17 years from June 30, 2022 (a total maturity of 17.554 years). Record ID#105180 captures this restructuring. As of December 31, 2022, the loan balance was IDR 28,955,346,560.