ICBC Indonesia provides IDR 180,000,000,000 term loan to PT Pakuwon Jati Tbk for shopping center construction (linked to project ID #98607)

On March 28, 2012, ICBC Indonesia signed an agreement with PT Pakuwon Jati Tbk to provide two term loans to the Indonesian real estate developer: a IDR 180 billion loan for shopping center construction and a IDR 100 billion loan for debt refinancing. The IDR 180 billion loan (captured here) carries a maturity of five years from the date of the first drawdown and an interest rate of 11.25%. Proceeds are to be used for shopping center construction; the construction projects funded by this loan are unknown. The IDR 100 billion loan (captured via project ID #98607) carries a maturity of three years from the date of the first drawdown and an interest rate of 11.25%. Proceeds are to be used for refinancing existing unknown loans to Pakuwon Jati. Trade accounts receivable from space rentals of Tunjungan Plaza I (Plaza East) and Tunjungan Plaza III (Plaza Central) amounting to Rp 4,864,633,000 and Rp 1,790,580,000 as of December 31, 2014 and 2013, respectively were pledged as collateral by the borrower for both loans. As of December 31, 2014 and 2013, the land, building and insurance claim over Tunjungan Plaza I (Plaza East) and Tunjungan Plaza III (Plaza Central) were also pledged as collateral.

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