REPUBLIKA.CO.ID, JAKARTA -- Ailing paper producer PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) obtained new funding of 60 million USD for paper mill machineries. President Director of KBRI, Gani Bustan said in a disclosure at Indonesia Stock Exchange (BEI) that the fund came from three consortium of national banks, namely PT Bank Negara Indonesia (BNI), Indonesia Eximbank and Bank QNB Kesawan.

"The loan can be increased by 70 million USD," Bustan said on Wednesday.

The loan comprised tranche-A or term loan facility of 45 million USD, tranche-B or revolving loan facility of 15 million USD and additional loan of 10 million USD. Tranche-A will mature five years after the disbursement, while tranche-B will mature three years after the signing of loan agreement and can be extended for two years.

Tranche A facility will be used to finance capital expenditure and paper machineries purchasing, while tranche B as working capital. Company offers KBRI shares owned by Suisse Charter Investment Ltd, Wyoming International Ltd and Quest Corporation to get the loan, followed by company shares owned by parent company, PT Kertas Basuki Rahmat and also lands, buildings, machineries and other facilities.

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