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Overview

BOC Jakarta Branch contributes $4 million to a $55 million syndicated loan to PT Garuda Indonesia (Persero) Tbk for general purposes (Linked to Record ID#96671)

Commitments (Constant USD, 2023)$4,545,989
Commitment Year•2011Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 24, 2011
Start (actual)
Jun 24, 2011
End (actual)
Dec 31, 2013

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

  • Citibank, N.A.
  • PT Bank Central Asia Tbk (BCA)
  • PT Bank Permata Tbk
  • UBS Group AG

State-owned Banks

  • PT Bank Internasional Indonesia, Tbk. (BII)

State-owned Commercial Banks

  • PT Bank ICBC Indonesia

Receiving agencies

State-owned companies

  • PT Garuda Indonesia (Persero) Tbk

Loan description

BOC and ICBC contributions to 55 million USD syndicated loan to PT Garuda Indonesia (Persero) Tbk for general purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 24, 2011, PT Garuda Indonesia (Persero) Tbk entered into a syndicated loan facility of $55 million with seven banks including Citibank, UBS AG, PT Bank Central Asia (BCA), PT Bank ICBC Indonesia (Record ID#96671), PT Bank International Indonesia Tbk (BII), PT Bank Permata Tbk, and Bank of China (BOC) Jakarta Branch. Citibank contributed $8,500,000, BCA contributed $8,500,000, PT Bank ICBC Indonesia contributed $8,500,000, PT Bank International Indonesia Tbk contributed $17,000,000, PT Bank Permata Tbk contributed $8,500,000, and BOC contributed $4,000,000. The commitment value of PT Bank International Indonesia Tbk (BII) of USD 17 million consists of two banks, i.e. BII and UBS AG, Singapore Branch, amounting to $8.5 million, respectively. The loan had a maximum credit facility with a maturity period of 24 months. Principal payments would be made in months 15, 18, 21, and 24 by the same amount, amounting to $13.75 million. The proceeds were to be used for general purposes. This facility was secured by 3 months of interest payments that are deposited on a Garuda account in Citibank (interest reserve account). The balance of this collateral will be adjusted for fluctuations of 1-month LIBOR and will not be taken until the loan is settled. Garuda used all the facilities as of December 31, 2011. On December 31, 2013, all the outstanding loan has been settled.