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Overview

ICBC Indonesia provides IDR 6 billion loan facility to PT Bakrie Autoparts to acquire a new machine (Linked to Record ID#98613, #98615, and #98616)

Commitments (Constant USD, 2023)$692,729
Commitment Year•2012Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 7, 2012
End (actual)
Jan 1, 2015
Last repayment
Mar 7, 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 Bakrie Autoparts (BA)

Collateral providers

Private Sector

  • PT Bakrie Tosanjaya (BTJ)

Loan desecription

ICBC Indonesia provides IDR 6 billion loan facility to PT Bakrie Autoparts to acquire a new machine

Grant element•0%Interest rate (t₀)•12.5%Interest type•Fixed Interest RateMaturity•3 years

Collateral

All three facilities were secured by the following: land of 51,645 square meters and a 24,407.5 square meter building located in JI. Raya Bekasi KM 27, Pondok Ungu, Bekasi; all existing machinery within the BTJ factory; newly purchased machineries with a total value of IDR 7 billion; inventories of BTJ with total value of IDR 10 billion; account receivable of BTJ with total value of IDR 115 billion.

Narrative

Full Description

Project narrative

On March 7, 2012, PT Bakrie Autoparts (BA), a subsidiary of Indonesian conglomerate PT Bakrie & Brothers Tbk (BNBR), signed a loan facility with ICBC Indonesia that consists of three different loan facilities, each with separate purposes. First, the facility provides for an IDR 40 billion investment loan facility, to be used for company investments, that has a maturity of three years and carries an interest rate of 12.5%. The loan was scheduled to mature on January 28, 2015. This loan is captured via Record ID#98613. Second, the facility provides for a IDR 6 billion loan facility to acquire a new unspecified machine, that has a maturity of three years and carries an interest rate of 12.5%. This loan is captured via Record ID#98614. Third, the facility provides for a IDR 5 billion working capital facility to support BA's working capital needs, that has a maturity of 12 months and an interest rate of 12.5%. This loan's maturity was later extended to March 29, 2015. This loan is captured via Record ID#98615. The extension of the maturity is captured via Record ID#98616. All three facilities were secured by the following: land of 51,645 square meters and a 24,407.5 square meter building located in JI. Raya Bekasi KM 27, Pondok Ungu, Bekasi; all existing machinery within the BTJ factory; newly purchased machineries with a total value of IDR 7 billion; inventories of BTJ with total value of IDR 10 billion; account receivable of BTJ with total value of IDR 115 billion. PT Bakrie Tosanjaya ("BTJ") is a subsidiary of BNBR, a foundry domiciled in Bekasi. The entire facility was repaid in full as of 2015, as BA refinanced the loan facilities to PT Bank J Trust Indonesia Tbk.