Garuda Accelerate Repayment of Loans ECA and CL Worth 62.5 Million Dollars

Accelerated settlement payment (voluntary prepayment) on loans Export Credit Agency (ECA) and the Commercial Lenders (CL) worth 62.5 million U.S. dollars have been paid to PT Garuda Indonesia (Persero) Tbk. Please note, the loan by a syndicate of more than 15 financial institutions."Among Lloyds Bank plc as agent and security trustee, BNP Paribas and Credit Agricole Corporate and Investment Bank in 1996. Besides the loan has been fully restructured in 2010," said President Director of Garuda Indonesia Satar as reported by the Independent Voice.Emir calls, signing with a debt repayment of the ECA and the CL, a Garuda Indonesia's commitment to meet all its liabilities to creditors at once in accordance with the"Along with the growth performance of Garuda Indonesia supported the transformation and expansion program of the company, as stated in the program" Quantum Leap 2011-2015 ", Garuda Indonesia can meet its obligations in a timely manner, and meet all its commitments to creditors," added Emir.Allocation of loan syndication and Commercial Lenders ECA is to procure six A330-300 aircraft in 1996. Consequently, Garuda Indonesia gained possession of the six A330-300 aircraft with the repayment implemented.During this time, it became the sixth plane "underlying asset" on the loan, and the company is no longer bound by the covenants of ECAdan CL line with the program "Quantum Leap", Garuda Indonesia made in 2011 to 2015, as the company's expansion.This is in line with the company's investments carried out, related to fleet development program and process development as a low cost carrier Citilink operating independently.