Nov 24, 2011

Chandra Asri seals US$150 mio loan

Indonesia's largest integrated petrochemical products maker PT Chandra Asri Petrochemical Tbk has secured US$150 million syndicated loan facilities from five commercial banks.
DBS Bank Ltd, PT Bank Danamon Indonesia Tbk, PT Bank DBS Indonesia, Standard Chartered bank, and The Hongkong and Shanghai Banking Corporation Limited have commited to provide the facilities to Chandra Asri, that is owned by Indonesian mogul Prajogo Pangestu.
Corporate Secretary & Investor Relations Director Suryandi said those facilities will be used as capital expenditure. "We have entered into loan agreement on November 21 with 7 years maturity and 1.5 years grace period," he said today.
Regarding to the facilities, Chandra Asri has pledged its asets and obtained approval from its shareholders on October 24.
According to him, the facilities will be used to finance several projects such as the completion of butadiene and butene-1 projects.

Disclosure: No position at the stock mentioned above.

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