Garuda Indonesia has fully repaid a two-year syndicated loan valued at $55 million.
The Citi Club Deal syndicated loan was signed between Garuda and six banks - Citibank, Bank Central Asia, ICBC Indonesia, Bank Permata, Bank of China and Bank Rakyat Indonesia - on 24 June 2011, which facilitated the carrier in meeting general needs, including the financing of working capital and the procurement of aircraft, Garuda said.
Citigroup Global Markets Singapore and the Singapore branch of UBS facilitated the loan as lead arrangers.
Separately, Indonesia's flag carrier plans to issue a rupiah (Rp) 2 trillion ($201 million) worth of bonds, in the first phase of issuance for this year. It will carry a five-year tenure and was given an 'A' rating by Fitch Ratings Indonesia. The airline hopes to complete the issue during the second half of 2013.
Garuda previously also secured two $40 million credit facilities from state-owned Bank Rakyat Indonesia and Bank Negara Indonesia. In February, it also obtained a $70 million collateral-free loan from Bank Permata.