ID :
36599
Fri, 12/19/2008 - 23:22
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https://www.oananews.org//node/36599
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MANDIRI LEADS CREDIT SYNDICATION FOR SEMEN GRESIK
Jakarta, Dec 19 (ANTARA) - PT Bank Mandiri has signed an agreement to lead a credit syndication for cement maker PT Semen Gresik, the bank's executive director Agus Martoardoyo said.
The MoU on the establishment of the credit syndication for the development of PT Semen Gresik's two new cement factories and two power plants as well as for the restructuring of its existing cement factories, was signed here on Friday.
Martowardoyo said that Semen Gresik would build new factories in Pati, Central Java, and Semen Tonasa in South Sulawesi, as well as a power plant in Tonasa with a total investment of US$315 billion.
"We are ready to provide a syndicated loan in rupiah at the maximum amount of Rp6.3 trillion," he said.
In the MoU, Semen Gresik appointed Bank Mandiri as the joint lead arranger together with Mandiri Sekuritas. The company also will act as the underwriter of the investment credit facilities and as a facility agent, a security agent and as an escrow agent.
Agus said that although there was an economic crisis, Semen Gresik would continue its projects because the utilization of the production means was already maximum while there was the need to anticipate the growth of domestic and international cement demand the in post-crisis era.
After all, the performance of Semen Gresik remains good despite the economic crisis. This convinced Bank Mandiri to lead a credit syndication for its projects.
Therefore, Bank Mandiri will follow up soon the MoU by setting up a syndicated loan in rupiah so that the Gresik projects would be carried out soon. Thus, the national need for cement in the long run would be met.
He said it was expected that the rupiah credit syndication would be realized in the first quarter of 2009 in order to help generate economic growth and the creation of job opportunities.
President Director of Semen Gresik Dwi Sucipto said on the occasion that the construction of the two cement factories was expected to increase the company's cement production. Both factories have a production capacity of 2.5 million tons respectively. ***2***
The MoU on the establishment of the credit syndication for the development of PT Semen Gresik's two new cement factories and two power plants as well as for the restructuring of its existing cement factories, was signed here on Friday.
Martowardoyo said that Semen Gresik would build new factories in Pati, Central Java, and Semen Tonasa in South Sulawesi, as well as a power plant in Tonasa with a total investment of US$315 billion.
"We are ready to provide a syndicated loan in rupiah at the maximum amount of Rp6.3 trillion," he said.
In the MoU, Semen Gresik appointed Bank Mandiri as the joint lead arranger together with Mandiri Sekuritas. The company also will act as the underwriter of the investment credit facilities and as a facility agent, a security agent and as an escrow agent.
Agus said that although there was an economic crisis, Semen Gresik would continue its projects because the utilization of the production means was already maximum while there was the need to anticipate the growth of domestic and international cement demand the in post-crisis era.
After all, the performance of Semen Gresik remains good despite the economic crisis. This convinced Bank Mandiri to lead a credit syndication for its projects.
Therefore, Bank Mandiri will follow up soon the MoU by setting up a syndicated loan in rupiah so that the Gresik projects would be carried out soon. Thus, the national need for cement in the long run would be met.
He said it was expected that the rupiah credit syndication would be realized in the first quarter of 2009 in order to help generate economic growth and the creation of job opportunities.
President Director of Semen Gresik Dwi Sucipto said on the occasion that the construction of the two cement factories was expected to increase the company's cement production. Both factories have a production capacity of 2.5 million tons respectively. ***2***
