Overview

ICBC Indonesia extends the maturity period — by one year — of a IDR 30 billion loan to PT MNC Finance for unspecified purposes (Linked to Record ID#98355)

Commitment Year•2016Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Last repayment (originally scheduled): Dec 31, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

PT Bank ICBC Indonesia

Receiving agencies

Private Sector

PT MNC Finance (MNCF)

Collateral providers

Private Sector

PT MNC Finance (MNCF)

Loan description

ICBC Indonesia extends the maturity period — by one year — of a IDR 30 billion loan to PT MNC Finance for unspecified purposes (Linked to Record ID#98355)

Grant element•0%Interest rate (t₀)•11%Interest type•Fixed Interest RateMaturity•4 years

Collateral

This loan was secured by consumer financing receivables and financing lease receivables equivalent to 120% of the outstanding loan balance.

Narrative

Full Description

Project narrative

On May 21, 2013, PT Bank ICBC Indonesia entered into a IDR 30,000,000,000 loan agreement with PT MNC Finance (MNCF) — an Indonesian company focused on consumer financing that is 99.99% owned by PT MNC Kapital Indonesia Tbk, an Indonesian financial service provider — for unspecified purposes. This loan carried a maturity period of three years, a final maturity of May 27, 2016, and an interest rate of 11.00% per annum. This loan was secured by (i.e. collateralized against) consumer financing receivables and financing lease receivables equivalent to 120% of the outstanding loan balance. Record ID#98355 captures the loan. As of December 31, 2013, IDR 25,000,000,000 was outstanding under this loan. As of December 31, 2014, IDR 14,919,000,000 was outstanding under this loan. As of December 31, 2015, IDR 5,000,000,000 was outstanding under this loan. Then, in 2016, ICBC extended the maturity period of the loan by one year, to May 27, 2017. Record ID#98364 captures the extension. Then, later in 2016, the borrower fully repaid the loan.