Summit ups loan
IFR Asia – January 23, 2010
Allocations have been finalised on Indonesian car finance firm Summit Oto Finance’s US$125m (increased from US$75m) three-year amortising B loan, via bookrunner RBS. Sumitomo Corp owns 99.5% of the issuer.
The facility split between a US$49m five-year term loan A and a US$76m three-year term loan B.
The term loan A is provided by Dutch multilateral institution FMO (US$29m) and DEG (US$20m). The A-loan features an average life of 3.5 years, while the B-loan has an average life of 2.25 years. The B-loan pays a top level all-in of 350bp over Libor.
Term loan B saw MLAs RBS committing US$5.5m, while Metropolitan Bank & Trust Company provided US$10m. Cordiant and RHB Bank committed US$7.5m apiece. Bank of India, China Development Industrial Bank, Chinatrust Commercial Bank Co, First Gulf Bank and State Bank of India also MLAs provided US$5.5m each. Lead arrangers Krung Thai Bank Public Co., Mega International Commercial Bank, Bank Negara Indonesia and Taishin International Bank committed US$4.5m each.
Meanwhile, bookrunners RBS and Standard Chartered have completed a US$317m eight-year buyer credit facility, backed by Swedish export agency EKN, for Telekomunikasi Selular (Telkomsel), the largest telecom operator in Indonesia.
Svensk Exportkredit AB joined the facility as a participant. Funds are for capex. The facility signed on January 5. Telkomsel is jointly owned by Telekomunikasi Indonesia (owning 65%) and Singapore Telecom Mobile.