Financial close for Jakarta Outer Ring Road West 2
Date
October 15, 2011
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In the concession project of Jakarta Outer Ring Road West 2 (JORR W2) North toll road, PT Jasa Marga Tbk controls 65% shares and PT Jakarta Propertindo (Jakpro) owns the remaining 35%.
The JORR W2 will connect Kebon Jeruk with Ulujami toll road along 7.8 km. The concessionaire plans to complete the construction in 18 months.
The toll road construction will be divided into four sections: first section covering 1.95 km, second section 1.50 km, third section 2.35 km, and fourth section 2.07 km.
The credit syndication for the project is derived from the syndication of Bank Mandiri (IDR1.4 trillion or $157 million) and Bank DKI (IDR150 billion or $17 million) with 15 years maturity and 4 years of grace period. The bank loan accounts for 70% of the total funds needed for the project around IDR2.23 trillion ($250 million), while the remaining IDR680 billion ($76 million) will be from the company's equity.
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