ICBC Indonesia contributes $8.5 million to a $55 million syndicated loan to PT Garuda Indonesia (Persero) Tbk for general purposes (Linked to Project ID#96670)

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, PT Bank International Indonesia Tbk (BII), PT Bank Permata Tbk, and Bank of China (BOC) Jakarta Branch (Project ID#96670). 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.

Number of official sources

1

Number of total sources

1