PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
49
12. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT Bank Central Asia Tbk BCA continued
- Investment credit Facility III with a maximum amount Rp400.000.000, obtained on January 2016. The loan will be
paid in quarterly installments starting in June 2018 up to March 2022. The loan is intended for working capital and to finance apartment, house, and infrastructure construction in Summarecon Serpong. The loan is collaterized by
undeveloped land Note 7 and bore annual interest rate at 9.25. The loan outstanding balance as of June 30, 2017 is Rp305,850,000 2016: Rp305,850,000. In 2017, SPCK has not made any principal payments.
- Time Loan Revolving Facility with a maximum amount of Rp100.000.000, obtained on January 2016 and is used for
working capital in SPCK. The loan will be due on March 21, 2018, collateralized by undeveloped land Note 7, and bore annual interest rate at 9.25. The loan outstanding balance as of June 30, 2017 is RpNil.
LTMD obtained several facilities from BCA as follows: -
Investment credit facility II with maximum amount of Rp350,000,000, which had been fully drawn in 2011 and 2012 and payable quarterly from June 2013 to March 2021. The loan is used for construction of Summarecon Mal
Serpong phase II, collateralized by trade receivables, investment property, and escrow accounts Notes 5, 10 and 11 and bore interest at the annual rate of 9.25. The outstanding loan balance as of June 30, 2017 is
Rp231,000,000 2016: Rp253,750,000. In 2017, LTMD made principal payments totaling Rp22,750,000 2016: Rp34,125,000.
PMJA and HOPJ obtained several facilities from BCA as follows: -
Investment credit facility rupiah with a maximum amount of Rp300,000,000, wherein the portions of PMJA and HOPJ amounted to Rp100,000,000 and Rp200,000,000, respectively, which have been partially drawn in 2013 and
are payable in quarterly installments starting on the third quarter of 2017 up to the third quarter of 2023. Furthermore, based on BCA letter dated April 4, 2016, BCA agreed on changes in the allocation portion of loan, wherein the
portion of PMJA and HOPJ amounted to Rp220,000,000 and Rp307,000,000, respectively. The outstanding loan balance as of June 30, 2017 is Rp438,784,175 2016: Rp379,192,576. In 2017, no principal payments were made
by PMJA and HOPJ.
- Investment credit facility US with a maximum amount of US30,000,000, wherein the portions of PMJA and HOPJ
amounted to US10,000,000 and US20,000,000, respectively, which have been partially drawn in 2013 and are payable in quarterly installments starting on the third quarter of 2017 up to the third quarter of 2023. Furthermore,
based on BCA letter dated April 4, 2016, BCA agreed on changes in the allocation portion of loan, wherein the portion of PMJA and HOPJ amounted to US5.000.000 and US4.800.000. The outstanding loan balance as of June
30, 2017 is US8,014,640 or equivalent to Rp107,655,434 2016: US7,644,307, or equivalent to Rp102,708,909. In 2017, no principal payments were made by PMJA and HOPJ.
The loan is used for the construction of Movenpick Resort Spa, Jimbaran, Bali, collateralized by fixed assets and investment property owned by PMJA Notes 9 and 10 and all shares of PMJA and HOPJ. For the six-month periods
ended June 30, 2017, the loan bore interest at annual rates of 9.25 for the Investment Credit Facility rupiah and at the annual rate of 5.50for the Investment Credit US.
The Company and certain subsidiaries the “Companies” obtained several facilities from BCA with a total maximum amount of Rp650,000,000, previously Rp750,000,000 as follows:
-
Company: Investment Credit Facility 1 with a maximum amount of Rp75,000,000, used for project construction of Hotel Pop Kelapa Gading;
- MKOJ: Investment Credit Facility 2 with a maximum amount of Rp165,000,000, used for project construction of
Harris Hotel Bekasi; -
DNMP: Investment Credit Facility 3 with a maximum amount of Rp70,000,000, used for project construction of Plaza Summarecon Bekasi;
-
SMHO: Investment Credit Facility 4 with a maximum amount of Rp65,000,000, used for purchase of operational equipment of Hotel Pop Kelapa Gading and Hotel Harris Summarecon Bekasi;
- LTMD: Investment Credit Facility 5 with a maximum amount of Rp225,000,000, used for project construction of
Summarecon Digital Center; -
KRIP: Investment Credit Facility 7 with a maximum amount of Rp50,000,000, used for project construction of Scientia Business Park.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
50
12. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT Bank Central Asia Tbk BCA continued
