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 debt restructuring. As of December 31, 2022, the loan balance was IDR 28,955,346,560.