Garuda Indonesia Pay off Debt of U.S. $ 62.5 million to the ECA and CL

The national airline Garuda Indonesia accelerate the repayment of debt worth U.S. $ 62.5 million to the Export Credit Agency (ECA) and the Commercial Lenders (CL).
The loan by a syndicate of more than 15 banks, including Lloyds Bank plc as agent and security trustee, BNP Paribas and Credit Agricole Corporate and Investment Bank. Repayment of the debt itself has been conducted on Monday, June 23, 2014.
With the implementation of the accelerated debt repayment, Garuda getting back guarantee in the form of cash and fund maintenance sevice worth the equivalent of 14 million U.S. dollars. Previously, the cash collateral in various forms in the lender's account.
The Company also obtains ownership of the six aircraft of type A330-300 which has been the underlying asset over the loan. With this settlement, the company is no longer bound by the covenants ECA and commercial lenders, one of which is a restriction of the company in the distribution of dividends.