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Monday, August 1, 2011

PT Garuda Indonesia Tbk - Secure US$ 120 million Loans

PT Garuda Indonesia Tbk receive working capital loans worth U.S. $ 55 million from seven banks incorporated in the club loan. Even still open opportunities for the airline this red plate back to borrow funds up to U.S. $ 120 million. Club loan consists of seven foreign banks and local coordinated by Citibank and UBS AG.

"Garuda Indonesia signed a loan deal from the club loan worth U.S. $ 55 million that will be used to support business expansion," said President Director of Garuda Indonesia Satar in a signing ceremony with seven bank loan lender, today.

As for the seven banks namely Citibank, UBS AG, PT Bank International Indonesia Tbk, PT Bank Permata Tbk, PT Bank Central Asia Tbk, Bank of China, and ICBC.

Emirsyah said the loan fund of U.S. $ 55 million will support the Quantum Leap program Garuda Indonesia. "We know the airline business requires a capital intensive. This part of the expansion, "he said.

Emirsyah said the national aviation market continues to show significant growth, so the company must also grow and expand. In the last five years, the national aviation market grew two-fold. Later, the number of passengers will grow 14% -15% per year. "Garuda must growth, it is necessary to support this from the bank to support expansion," he said.

Executive Director of Investment Banking Department of UBS AG said Agung Prabowo loans to Garuda Indonesia is tenured two years at Libor plus. But he did not mention how Libor plus. "What is clear, competitive rates, we can not mention now. Actually, the debtor requested the loan of U.S. $ 120 million, but ended by Garuda reduced to $ 55 million. Club loan has actually been ready to lend up to U.S. $ 120 million.

UBS, said the Great, as coordinator of the Club Loan with Citibank, offer the largest loan for Garuda.

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