ICBC Indonesia provides an IDR 73.5 billion loan to Waskita Beton Precast for working capital purposes (Linked to Record ID#105180)

ICBC Indonesia provides an IDR 73.5 billion loan to Waskita Beton Precast for working capital purposes On December 10, 2021, PT Bank ICBC Indonesia entered into an IDR 73,523,809,678 credit agreement with PT Waskita Beton Precast Tbk (WBP) — an Indonesian concrete manufacturing company traded on the Indonesia Stock Exchange but majority owned (59.99% stake) by PT Waskita Karya (Persero) Tbk is an Indonesian state-owned construction company — for working capital purposes.

This loan was secured by (i.e. collateralized against) trade accounts receivable of PT Waskita Beton Precast Tbk bound under fiduciary and future receivables value or turnover of WBP - contractors must by PT Waskita Karya (Persero) Tbk.

The loan featured a negative covenant against assuring assets to other parties excepting when WBP maintained DER at a maximum of 3x during the loan period. The proceeds were to be used by the borrower for working capital purposes. Record ID#105179 captures this loan. This loan was fully drawn as of December 31, 2021.

On June 30, 2022, this loan facility was restructured into a long-term bank loan as part of a larger reconciliation agreement with many creditors due to the borrower's distress. The maturity was extended by 17-years from June 30, 2022 (a total maturity of 17.554-years). Record ID#105180 captures this restructuring.

As of December 31, 2022, the loan balance was IDR 28,955,346,560.