VIVAnews - PT Excelcomindo Pratama Tbk (EXCL) signed a US$214 million loan agreement with EKN Buyer Credit Facility to finance Ericsson devices from Sweden and Indonesia.
ABN AMRO Bank NV and Standard Chartered Bank acted as the arrangers to facilitate loans signed on Monday, March 23.
"We thank ABN AMRO NV and Standard Chartered Bank for their support in arranging the second tranche of the EKN facilities," said Excel President Director, Hasnul Suhaimi, in a press release that VIVAnews received on Tuesday, March 24.
The facility was the second tranche of total loan facilities agreed by EKN valuing US$428 million. The first tranche of the facility was signed in December 2008.
Excel, he went on to say, will utilize the loans to finance most of 2008 and 2009 capital expenditure.
The signing of the second indicated the company's capability in gaining foreign financing amidst current global financial crisis.
Excel is the third largest cell operator in Indonesia which has been ranked BB- by Standard & Poor's and Ba2 by Moody's.
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Translated by: Bonardo Maulana Wahono
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