Overview

ICBC Indonesia provides IDR 100,000,000,000 term loan to PT Pakuwon Jati Tbk for debt refinancing (linked to Record ID#98606)

Commitments (Constant USD, 2023)$11,545,475

Commitment Year•2012Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 18, 2012

Last repayment (originally scheduled): Mar 18, 2015

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

PT Bank ICBC Indonesia

Receiving agencies

Private Sector

PT Pakuwon Jati Tbk

Collateral providers

Private Sector

PT Pakuwon Jati Tbk

Loan description

ICBC Indonesia provides IDR 100,000,000,000 term loan to PT Pakuwon Jati Tbk for debt refinancing

Grant element•0%Interest rate (t₀)•11.25%Interest type•Fixed Interest RateMaturity•3 years

Collateral

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.

Narrative

Full Description

Project narrative

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 via Record ID#98606) 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 here) 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.