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ICBC Indonesia contributes $24 million to $120 million syndicated loan to Garuda Indonesia for aircraft acquisition (Linked to Record ID#70807)
| Funder | PT Bank ICBC Indonesia |
|---|---|
| Recipient Organization | PT Garuda Indonesia (Persero) Tbk |
| Country | Indonesia |
| Start Date | Nov 06, 2012 |
| End Date | Jun 23, 2031 |
| Duration | 6,803 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66396 |
Grant Description
ICBC and Bank of China's contributions to $120 million syndicated loan to Garuda Indonesia for aircraft acquisition On November 6, 2012, Garuda Indonesia -- an Indonesian state-owned airline -- signed a $120 million syndicated loan (facility) agreement with nine banks (including Bank of China and ICBC).
The proceeds of the loan were to be used by the borrower to purchase 24 new aircraft in 2013 and make improvements to Garuda Indonesia’s facilities. Citibank Indonesia was the coordinator of the loan. Bank of China acted as lead arranger. Bank ICBC Indonesia was the security agent.
Other creditors that contributed to the syndicated loan included Bank Panin, First Gulf Bank PJSC's Singapore branch, Korea Development Bank, and Standard Chartered Bank. ICBC contributed $24 million to the loan (captured in Record ID#66396). Bank of China contributed $6 million to the loan (captured in Record ID#70807).
Payments of the principal of the loan (worth $30 million each) were to be made at month 15, 18, 21 and 24. The loan is collateralized by an existing USD bank account held with Citibank NA Jakarta Branch No. 0100193574. Garuda Indonesia had used the entire facility as of December 31, 2012. As of 2013, Garuda Indonesia had fully repaid the loan.
The breakdown of the facility agents can be seen below: Citigroup global markets Singapore Pte Ltd 15,000,000 USD PT Bank Panin Tbk 25,000,000 USD PT Bank ICBC Indonesia 24,000,000 USD First Gulf Bank PJSC, Singapore Branch 20,000,000 USD Korea Development Bank 15,000,000 USD Standard Chartered Bank, Jakarta Branch 15,000,000 USD Bank of China Limited, Jakarta branch 6,000,000 USD
Staff Comments
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- The Government of Indonesia holds a 60.54% ownership stake in Garuda Indonesia.
Sources & References
- Corporate Presentation PT Garuda Indonesia (Persero) Tbk DAIWA ASEAN Conference – IDX: Best of Indonesia 2013
- Garuda gets US$55 million loan
- Garuda's Bankers Loan $120m for Fleet Expansion, 7 international banks offer syndicated loan to Indonesia's national carrier
- Delivering Indonesia’s Best to the World
- Garuda Indonesia
- Prospektus Right Issue En
- MegaHawk - Offering Circular dated 27 May 2015
- Annual report 2013 Garuda Indonesia Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
PT Garuda Indonesia (Persero) Tbk
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