Indonesia's Astra International obtains dual currency revolving credit facility

By Reshmi Basu

New York, Nov. 4 - PT Astra International TBK obtained a dual currency syndicated revolving credit facility for $170 million and Rp 600 billion.

The size of the facility was increased by $50 million from the originally planned amount. The facility has a tenor of three years and carries an interest rate of U.S dollar Sibor plus 250 basis points.

Proceeds will be used to refinance the company's existing borrowing and for general corporate funding requirements.

"This new syndicated loan will release Astra from its existing restructured debt together with all the assets currently being pledged," said John Slack, finance director, in a news release.

ABN Amro Bank NV, BNP Paribas, Citigroup Global Markets Asia Ltd., Hong Kong and Shanghai Banking Corp. Ltd., Standard Chartered Bank and Sumitomo Mitsui Banking Corp. arranged the loan.

Other participants included Mizuho Corporate Asia Ltd, Oversea-Chinese Banking Corp. Ltd., United Overseas Bank Ltd., HVB Corporates & Markets, DBS Bank, Standard Bank Asia Ltd., Bumiputra-Commerce Bank Bhd, Chinatrust Commercial Bank, Industrial and Commercial Bank of China and UFJ Bank.

This is the company's first offshore syndicated facility since the financial crisis.

PT Astra, based in Jakarta, is the largest automotive company in Indonesia.

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