Skip to content
AidData logo

Overview

ICBC BCA provides $65 million loan to PT Aneka Tambang Tbk for unspecified purposes

Commitments (Constant USD, 2023)$65,409,259
Commitment Year•2018Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018
End (planned)
May 26, 2022
Last repayment (originally scheduled)
Dec 31, 2021

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

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • PT Aneka Tambang Tbk

Loan description

ICBC BCA provides $65 million loan to PT Aneka Tambang Tbk for unspecified purposes

Grant element•8.4612%Interest rate (t₀)•4.82428%Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•4 years

Narrative

Full Description

Project narrative

In 2018, ICBC-BCA issued a $65 million a loan to PT Aneka Tambang Tbk for unspecified purposes. The loan carried a maturity of 4 years and an interest rate of 3-month LIBOR rate plus a 3.13% margin. The loan was to be repaid every 3 months, with the repayment period running from March 3, 2018 to June 25, 2022. Under the loan agreement, ICBC required that PT Aneka Tambang Tbk abide by the following terms: 1. Debt-to-equity Ratio should not exceed 2.5 times; 2. Debt Service Coverage Ratio minimum of 1.25 times; and 3. Maintain equity to be greater than Rp7,000,000,000. PT Aneka Tambang Tbk was granted deferral of loan principal repayments as well as the extension of loan maturity date due to the COVID-19 outbreak in 2019. In December 2020, PT Aneka Tambang Tbk made early partial repayment of its loan from ICBC-BCA. In addition, it obtained an approval from ICBC-BCA to accelerate the maturity date of the remaining balance of the loan to June 25, 2022.

Staff comments

1. The all-in interest rate that applies to this loan (5.334%) was estimated by taking the average 3-month LIBOR rate in 2018 (2.204%) — the year when the loan agreement was finalized — and adding a 3.13% margin. 2. PT Aneka Tambang Tbk, colloquially known as Antam, is an Indonesian mining company. The company primarily produces gold and nickel, and is the largest producer of nickel in Indonesia. Until 2017, Antam was a directly state-owned company, before its ownership was transferred to PT Indonesia Asahan Aluminium (Persero) (Inalum), a government-owned holding company.