Aug 15, 2011

Indospring gets Rp172 billion loan

PT Indospring Tbk (INDS), a maker of auto spare parts such as multi-leaf spring for an automotive suspension, has secured Rp172 billion loan facilities from PT Bank Mandiri Tbk.
Indospring has obtained additional loan facilities from Bank Mandiri in term of investment credits and working capital. Indospring obtains investment credits of US$5 million, bearing 6% annual interest rate, credit investment of Rp43.50 billion with 10.5% annual interest rate, and credit investment of Rp30 billion with 10.5% annual interest rate. 
Indospring also receives working capital of Rp55 billion with 10% annual interest rate. 
To secure the facilities, Indospring provides assets as guarantee such as stocks worth Rp66 billion, receivable of Rp43.80 billion, new machines worth Rp141 billion, land and production facility III worth Rp21 billion. Gresik, East Java-based company, Indospring, is 87.46% owned by PT Indoprima Investama.

Disclosure: No position at the stock mentioned above.

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