Antam receives $100m loan commitment from Maybank

IDX-listed state owned firm PT Antam (Persero) Tbk announced on Tuesday that it has received US$100 million loan commitment from PT Bank Maybank Indonesia Tbk to finance the Pomalaa Ferronickel Plant Expansion Project (P3FP) as well as general corporate purposes.

The pricing on the Sharia loan commitment is very competitive with supportive terms and conditions, which includes 10-year tenor facility, clean basis and on-shore US$ funding with no withholding tax, the firm said.

The loan commitment from Maybank Indonesia is based on Sharia Musharakah scheme with fixed rate for the first three years.

Antam?s President Director Tedy Badrujaman said: ?The commitment from Maybank Indonesia with a very competitive term and is based on Sharia principle reflects Antam?s solid position in the banking industry. The commitment also serves as alternative funding source for Antam outside of the existing facilities.?

The commitment from Maybank Indonesia will be used to partially finance P3FP as well as for general corporate purposes. As of end of October 2015, the EPC progress of the $600 million P3FP reached 96.95%.

Editing by Johannes Simbolon