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ational flag carrier PT Garuda Indonesia says that it has secured loans amounting to US$200 million from several banks with joint lead arranger Citibank.

“We have talked to several banks and will draw down the money soon. We will use the money as working capital,” Garuda financial director Handrito Harjono said on Wednesday.

He added that Garuda would withdraw the loan in two phases; $75 million this month and $125 million by October at the latest.

The company is also mulling raising funds amounting to $300 million next year. As much as $200 million will be used to pay aircraft pre-delivery payments and the remainder will support working capital and capital expenditure.

“The options are bank loans and bond issuance. If we choose bonds, we will issue them in the first semester of next year,” Handrito said.

Garuda flew 9.62 million passengers in the first half of the year, an increase of 22.4 percent compared to 7.86 million in the same period last year. The company also reported 18.6 percent higher flight frequency to 72,693 flights during the first semester from 61,286 flights in the same period last year.