Adaro’s aggression pays off as four banks agree 10yr deal
Indonesian companies have flexed their muscles to become Asia’s most aggressive borrowers in recent months, consistently pushing their relationship banks on covenants, pricing and tenor. But Adaro Indonesia pulled off an unprecedented feat this week, persuading four Asian banks to agree a 10 year loan — the longest maturity yet for an Indonesian corporation.
Bank Mandiri, Bank of Tokyo-Mitsubishi, DBS and OCBC have agreed a $1bn facility for Adaro Indonesia, a subsidiary of Indonesian coal miner Adaro Energy. The borrower initially asked for $750m, but was offered $1bn in a club deal that worried many loans bankers.
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