ING's structured finance group has announced the closing of a $100 million term loan facility for PT Indofood, Indonesia's leading processed food manufacturer and reputedly the world's biggest producer of instant noodles.
According to ING, which lead managed the deal, the transaction represents the largest offshore loan financing for an Indonesian corporate since the start of the Asian financial crisis in 1997.
With the loan, Indofood was able to secure two-year financing at a cost of 250 basis points over Libor currently 3.44%, which an official said was considerably more attractive than what would have been available with a bond deal.
At this moment in time, this represents a very cost efficient...
