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The 10-year facility is segregated into dual-currency conventional tranches of US$187.5 million (RM570 million) and 400 billion rupiah (RM126 million) as well as US$100 million (RM304 million) in an Islamic tranche.
Proceeds will be used to take over the entire existing project loans for the construction of the 2x90 megawatt Asahan 1 Hydroelectric Power Plant (Asahan 1 Hydroplant) located in North Sumatra, Indonesia, said Maybank in a statement yesterday . (source)
PT Bank Internasional Indonesia Tbk (BII), Maybank Investment Bank Bhd and PT Bank Maybank Syariah Indonesia (MSI) were the joint mandated lead arrangers and bookrunners while BII, Maybank Islamic Bhd and MSI were the joint underwriters for this transaction.
Speaking at a signing ceremony held in Jakarta, Husni Sabar, president-director of BDSN said: "We are pleased to have reached this milestone despite the general uncertainty in global financial markets. This transaction will mark a long and beneficial relationship between BSDN and the Maybank group."
Abdul Farid Alias, Maybank deputy president and head of global wholesale banking, described the conclusion of the syndication as a momentous chapter in the group's robust track record of regional fund raising activities.
"This transaction marks a continuation of the Maybank group's support for its international currency business unit platform, which is an initiative under the Malaysian International Islamic Financial Centre by the Malaysian government," he said.
"Given our significant regional reach, we are seeing greater opportunities in cross-border financing, including in Islamic banking. In addition, our strong capital base enables us to fund large infrastructure projects and we are seeing this as a new growth market for our global wholesale banking business.
"Also, given the size of the Muslim majority population in Indonesia, we are confident that we are able to support the growth of the Islamic finance in the country and strengthen our position further in the region," Abdul Farid said.
BDSN is the independent power producer which builds, owns and operates the Asahan 1 Hydroelectric Power Plant under a 30-year Power Purchase Agreement with PT Perusahaan Listrik Negara.
The Asahan 1 Hydroplant achieved Commercial Operation Date on January 18 2011 and the electricity generated is used by, among others, export-oriented industries situated in North Sumatera, hence directly contributing towards economic growth in the region.
BII director, Rahardja Alimhamzah, said supporting the strategic project, the company hopes to make a significant contribution to the supply of power in Sumatra.
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