MPMFinance gets $190m in syndicated loan
The Jakarta Post
PT Mitra Pinasthika Mustika Finance (MPMFinance), a multifinance joint venture of PT Mitra Pinasthika Mustika (MPM) with Japanese financing company JACCS Co. Ltd., has secured syndicated loan facility from 36 banks worth US$190 million for three years.
The syndicated facility is led-arranged by The Bank of Tokyo Mitsubishi UFJ, Ltd. (MUFG), Mizuho Bank Ltd. (Mizuho) and Oversea-Chinese Banking Corporation Limited (OCBC Bank).
“This syndicated loan, combined with a cost effective hedging method, is one of strategic funding initiatives of the company apart from MTN (medium-term note) issuance, onshore bilateral and syndicated bank borrowing to diversify funding sources and to obtain low cost of fund," said MPMFinance president director Johny Kandano said in a press statement on Monday.
"The fund will able to support our working capital requirements until first quarter next year.” said he said.
Publicly listed MPM engages in the distribution of car and motorcycle. Controlled by Indonesian private equity company Saratoga Investama Sedaya that was co-founded by business magnates Edwin Soeryadjaya and Sandiaga Uno, MPM currently has business lines that include car and motorcycle distribution, lubricant oil manufacturing and packaging, vehicle rental, consumer financing and general insurance.
The main distributor of Honda motorcycles held a share of more than 70 percent of the domestic motorcycle market last year, but only a tiny fraction of the car market, through Nissan automobiles.
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