Sumitomo link helps Summit Oto increase IFC-led facility
Summit Oto, an Indonesian auto loan company, will increase a $55m loan after it secured between $150m and $200m in syndication. Bankers attribute the success of the transaction to the company’s parent: Japanese conglomerate Sumitomo Corp.
International Finance Corp and Royal Bank of Scotland are arranging the three year deal, which is set to close today (Friday). Between 15 and 18 banks have committed, and Summit Oto looks sure to exercise an option that will boost the loan to $100m.
But the company could
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