Garuda Indonesia secures $120m syndicated loan

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Garuda Indonesia has signed a $120 million credit facility that will be used to finance new aircraft and also used as working capital.

The carrier says the syndicated banking facility was recently signed with lead bank Citibank. The syndicate also comprises Bank Panin, Bank ICBC Indonesia, First Gulf Bank, Korea Development Bank, Standard Chartered Bank and Bank of China.

Garuda says some of the funds will be used for pre-delivery payments on four Boeing 777-300ERs and three Airbus A330-300s that will be delivered in 2013.