ICBC Indonesia contributes $6 million to $90 million syndicated loan to Garuda Indonesia for unspecified purposes (Linked to Project ID#66396)
Commitment amount
$ 6768219.31313901
Adjusted commitment amount
$ 6768219.31
Constant 2021 USD
Summary
Funding agency [Type]
ICBC Indonesia [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On February 21, 2013, PT Garuda Indonesia (Persero) Tbk entered into a $90 million syndicated loan agreement with 4 banks -- including PT Bank Panin Tbk (contributing $20 million and Rp 213.378 billion), PT Bank ICBC Indonesia (contributing $6 million), PT Bank Central Asia Tbk (contributing Rp 213.378 billion), and Emirates NBD PJSC, Singapore Branch (contributing $20 million) -- for unspecified purposes. The loan had a term of 24 months from November 7, 2012 with principal payments at month 15, 18, 21, and 24. Citibank facilitated the loan. The amount outstanding as of December 31, 2013 was $45,640,043 for syndicated loan III in USD and $34,620,710 (Rp 421,991,834,190 ) for syndicated loan III in Indonesian rupiah.
Additional details
1. This loan up-sized a previous November 2012 loan (as captured via Project ID#66396). Syndicated loan III is the result of a Syndicated Loan II ceiling increase. 2. The Government of Indonesia holds a 60.54% equity stake in Garuda Indonesia (the flag carrier of Indonesia).
Number of official sources
3
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
PT Bank Central Asia Tbk (BCA) [Private Sector]
Emirates NBD Bank PJSC [State-owned Bank]
PT Bank Pan Indonesia, Tbk (PaninBank) (Bank Panin) [Private Sector]
Direct receiving agencies [Type]
PT Garuda Indonesia (Persero) Tbk [State-owned Company]
Loan Details
Maturity
2 years