Completed Mixed AidData Chinese Aid

Bank of China contributes $6 million to $120 million syndicated loan to Garuda Indonesia for aircraft acquisition (Linked to Record ID#66396)

$6M USD

Funder	Bank of China (BOC)
Recipient Organization	PT Garuda Indonesia (Persero) Tbk
Country	Indonesia
Start Date	Nov 06, 2012
End Date	May 01, 2029
Duration	6,020 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`70807`

Grant Description

ICBC and Bank of China's contributions to $120 million syndicated loan to Garuda Indonesia for aircraft acquisition On November 6, 2012, ICBC and Bank of China signed an agreement to participate in a $120 million syndicated loan facility with Garuda Indonesia, an Indonesian state-owned airline.

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).

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a 2-year maturity and an interest rate of LIBOR + 4

📅 Maturity2 years

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
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.