PT GARUDA Indonesia Tbk (GIAA) and PT Bank Mandiri Tbk (BMRI) have signed a loan agreement addendum and treasury line agreement addendum recently.
According to Presetio, GIAA’s Director of Finance and Risk Management said, based on the agreement, the two parties agreed to extend the term of the agreement from the original effect from 16 December 2020 to 31 March 2021 to 30 March 2021 to 31 December 2021. Banking facilities from Bank Mandiri in the form of Non-Cash Loans-Customized IGF and treasury line facilities that have been implemented in stages since 2016.
“Apart from the term, there is also a change in the amount of treasury line facilities from the previous US$300 million to US$150 million. Apart from that, there are no changes to the provisions of other requirements, including those regarding interest and guarantees,” he said.
He explained, meanwhile for the Non-Cash Loan-Customized IGF facility, the number of facilities remained the same, namely IDR2.4 trillion and there were no changes to other terms including interest and collateral.
“The basis for GIAA’s consideration in carrying out the transaction is to support the company’s previous working capital needs, including but not limited to the purchase of fuel, which supports GIAA’s main business activities,” Presetio noted.
Furthermore, there is a need for GIAA to carry out hedging transactions as an effort to mitigate the company from movements in foreign currency values. [kontan.co.id/photo special]