Cement producer PT Indocement Tunggal Prakasa, 65.14 per cent owned by HeidelbergCement said it has signed a syndicated loan agreement worth US$158m to refinance partly its US$380m debt. Indocement secured the five-year syndicated loan from Standard Chartered Bank, ABN AMRO Bank NV Jakarta branch, PT Bank Central Asia and Calyon Deutschland, with the agreement signed last Friday, the company said in a statement. Indocement now plans to terminate its US$380m Master Facilities Agreement (MFA) on April 20, the company said.
Additional funding to refinance the MFA will come from HC Finance BV, which will provide a US$150m loan, Marubeni Contractor Facility with a yen loan equivalent to US$10m, and Japan Bank for International Cooperation (JBIC), with a yen loan equivalent to US$21m. Indocement will cover the remaining US$41m from its own cash, it said.