Narrative
Full Description
Project narrative
On July 14, 2014, China Eximbank and PT Pabrik Kertas Tjiwi Kimia Tbk signed a $78.6 million buyer’s credit loan facility agreement. The loan carried a maturity of eight years, and it was secured by (collateralized with) land rights, buildings, machinery, and specific equipment. A corporate guarantee from PT Purinusa Ekapersad was also secured in support of the loan. As of September 30, 2014, the outstanding balance of the loan was $23.6 million. As of December 31, 2015 and September 30, 2016, the outstanding balances of the loan were $67.9 million and $78.6 million, respectively. As of December 31, 2017 and 2018, the outstanding balances of the long-term loan were $59 million and $45.9 million, respectively. Pabrik Kertas Tjiwi Kimia Tbk — a subsidiary of a private Indonesia company called Asia Pulp & Paper Company Limited — operates a pulp and paper factory in East Java which manufactures a range of printing and writing papers, both coated and uncoated.