Chat With Us
Chat With Us
en-USid-ID
X

Press Release

Chandra Asri Receives USD 250 Million Balloon Payment Facility from BNI with Up to 10 Year-Tenor for Business Expansion and Growth

Chandra Asri Receives USD 250 Million Balloon Payment Facility from BNI with Up to 10 Year-Tenor for Business Expansion and Growth

Jakarta, 5 October 2021 -- PT Bank Negara Indonesia (Persero) Tbk (BBNI) and PT Chandra Asri Petrochemical, Tbk (TPIA) signed a new term loan scheme with balloon payments totaling USD 250 million or around IDR 3.5 trillion (using an exchange rate of IDR 14,310). per US Dollar). This financing scheme is divided into two facilities.

First, the Term Loan 1 facility with a maximum of USD 150 million which is used to finance bond buybacks and refinance the company's existing debt with a seven-year tenor. Second, the Term Loan 2 facility with a maximum of USD 100 million, to finance the pre-operation needs of the second global petrochemical complex (CAP2) with a ten-year tenor.

This collaboration between Chandra Asri and BNI was established through the signing of a Credit Agreement by the Head of BNI Corporate Business Division 2, Ditya Maharhani Harninda and Chandra Asri’s Director of Finance, Andre Khor Kah Hin and Chandra Asri’s Director of Human Resources & Corporate Affairs, Suryandi in Jakarta, Tuesday (5 October). 2021). The event was also attended by BNI’s Corporate Banking Director, Silvano Rumantir.

BNI’s Corporate Banking Director, Silvano Rumantir explained that this financing is BNI’s commitment to target the low-risk segment, namely the corporate customer segment which is included in the Top Tier customers. This financing is the first step of business development between BNI and Chandra Asri. 

"We hope that BNI can become the preferred partner for the company and can provide Financial Solutions by providing a complete and comprehensive range of banking products and services for the company. This financing to the Petrochemical sector is a manifestation of BNI's commitment to reduce Indonesia's dependence on imports of Petrochemical products. The collaboration with Chandra Asri is also expected to continue in a sustainable and continuous manner in line with BNI's plan to develop a healthy and prudent business banking," he said.

In the meantime, the President Director of Chandra Asri, Erwin Ciputra, said that this partnership with BNI is a step for Chandra Asri to continue on improving financial performance in order to provide operational excellence.  "We are very pleased to partner with BNI, which is our partner for the growth of the national petrochemical industry as well as in expanding to support the development of CAP2. We hope that this partnership with BNI can continue to grow to serve Indonesia's domestic industry," he said.

Chandra Asri is the largest integrated petrochemical company in Indonesia. The company continues to be committed to increasing capacity to meet the increasing domestic demand for petrochemical products.  One of the Company's strategies is to develop CAP2 on a global scale. With the construction of this complex, it is hoped that it will reduce Indonesia's dependence on imports, develop the local petrochemical downstream industry, support the government's vision for Industry 4.0 and create a long-term, high-value career. 

About BNI

PT Bank Negara Indonesia (Persero) Tbk or BNI was founded on 5 July 1946 and became the first state-owned bank that was born after Indonesia's independence. BNI had functioned as a central bank and commercial bank as stated in the Government Regulation in Lieu of Law no. 2/1946, before finally operating as a commercial bank since 1955.
As of Semester I 2021, BNI has 2,312 domestic outlets spread across 34 provinces and 420 regencies/cities as well as 8 overseas outlets spread across various countries. BNI has 23 Medium Credit Centers (SKM), 27 Small Credit Centers (SKC), and 36 Consumer & Retail Loan Centers (LNC).

BNI now has 17,013 ATMs spread across 34 provinces and 521 regencies/cities including 6 (six) ATMs overseas, namely 4 ATMs in Hong Kong and 2 ATMs in Singapore. The ATM network can also serve debit card transactions bearing the GPN, Link, ATM Bersama, and Prima logos. BNI as a holding company has 4 subsidiaries, namely BNI Multifinance (financing), BNI Life (insurance), BNI Remittance (remittances), and BNI Sekuritas (capital market). BNI Asset Management (Investment Manager) is a subsidiary of BNI Sekuritas.

Chandra Asri at a Glance

Chandra Asri Petrochemical is the largest integrated petrochemical company in Indonesia that produces Olefins and Polyolefins. With a track record of more than 27 years and employing more than 2,000 dedicated staff, the company combines state-of-the-art technology and supporting facilities strategically located in the country's petrochemical hubs, Cilegon and Serang. 

As a Growth Partner, Chandra Asri is committed to creating high value jobs, expanding the domestic petrochemical value chain, and serving the needs of the dynamic and growing Indonesian market. For more information, visit: www.chandra-asri.com.
 

Related