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View all search resultsAndalan Finance secures Rp 650b loan
Automotive financingcompany PT Andalan Finance has secured a syndicated loan worth Rp 650 billion(US$54
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utomotive financingcompany PT Andalan Finance has secured a syndicated loan worth Rp 650 billion(US$54.98 million) for the company's expansion.
The loan, which was approved and will mature in three years, will be used for the company's financing this year and 2015.
The firm ' a subsidiary of the Nasmoco Group, an official Toyota car
dealer in Central Java and Yogyakarta ' obtained the loan from PermataBank, Bank Danamon, BII, Panin Bank and the Central Java Regional Development Bank.
PermataBank, acting as the mandated lead arranger, provided Rp 300 billion, and Bank Danamon, BII and Panin Bank Rp 100 billion each, while the Central Java bank provided Rp 50 billion.
'We're channeling the funds for our financing, 55 percent of which for used cars and 45 percent for new ones,' Andalan Finance president director Sebastianus Harno Budi said after the signing of the loan agreement on Friday.
He said the company had lowered its financing growth target largely due to lower growth of car sales, high growth of the newly introduced low-cost and green cars (LCGC) and the presidential election this year had made the company lower its target.
'Last year, we booked 70 percent in financing growth, but we've decided to lower our target this year to 37 percent due to various reasons,' he said.
