3 Banks finance Cikampek-Palimanan toll project

JAKARTA: PT Bank Negara Indonesia Tbk, PT Bank Mandiri Tbk and PT Bank Central Asia Tbk will be involved in the syndicated credit worth of IDR2 trillion for the Cikampek - Palimanan toll road project. As for the syndication agreement will be signed early next year.Corporate Director BNI Krishna Suprapto said that Bank Mandiri will be the leader in the syndication while BNI itself will contribute about 30% of the total IDR2 trillion that needed."The agreement will be signed around January-February next year. This is a continuation of previous syndication. It only involves three banks namely BNI, Bank Mandiri and BCA," he said after attending the meeting with the Commission VIII of House of Representatives, this afternoon.The design and lane for Cikampek-Palimanan toll road was altered as a result the syndication scheme also needs to be altered. He also said that not all of the previous syndicated credit has been released due to lane alternation.However, Corporate Director of Bank Mandiri Fransisca Nelwan Mok did not respond when asked for comment about the syndication.In mid 2007, 10 national banks were committed to finance PT Lintas Marga Sedaya as much as IDR6.75 trillion for the Cikampek-Palimanan toll road project.The ten banks were Bank Mandiri, BCA, BNI, BRI, Bank Panin, Bank Jabar (currently named as Bank Jabar Banten), Bank Bukopin, Bank Jatim, BII and Bank DKI.Bank Mandiri and BCA were appointed as the joint lead arrangers. The commitment given by the ten banks was larger when compared to the needs for constructing the toll road that amounting to IDR 5 trillion.However, the alteration in concession and the stagnation in project development by Malaysian investors also altered the financing scheme for Cikampek-Palimanan toll road project. (t06/wiw)

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