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Garuda Indonesia Completes Voluntary Prepayment of Export Credit Agency and Commercial Lenders amounting to US$ 62,5 million

PT Garuda Indonesia (Persero), Tbk (GIAA.JK/GIAA IJ), the Airline of Indonesia, is pleased to announce that the Company has carried out a voluntary prepayment of Export Credit Agency (“ECA”) and Commercial Lenders (“CL”) syndicated loan that amounted to US$ 62,5 million on 23 June 2014. Garuda secured the loan from 15 financial institutions, among others Lloyds Bank plc as agent and security trustee, BNP Paribas and Credit Agricole Corporate and Investment Bank in 1996 and restructured the loan in 2010.
 
Garuda Indonesia President & CEO Emirsyah Satar said that the signing of the settlement with ECA and CL reflects Garuda Indonesia’s commitment to meet all its obligations to its creditors as stipulated in the agreement.
 
“As Garuda Indonesia’s performance continues to improve – thanks to the Company’s corporate transformation and expansion program, the “Quantum Leap 2011-2015”, Garuda Indonesia has always endeavored to meet its commitment to its creditors on time”, added Emir.
 
The syndicated loan from ECA and Commercial Lenders was allocated for the procurement of six A330-300 in 1996. Following this voluntary prepayment, Garuda Indonesia now holds rightful ownership of six A330-300 which up till now had been an “underlying asset” of the loan, and the Company is no longer bound by the covenants of ECA and CL. "
 
In line with its ongoing “Quantum Leap” program, Garuda Indonesia established the years 2011 till 2015 as the company’s period of expansion, in tandem with the investments the Company carries out to expand its fleet and the development of Citilink as an independently operated Low Cost Carrier.
 
Through this expansion program, by 2015 Garuda Indonesia will operate as many as 194 aircraft aged an average of 4,8 years old. Passenger volume is expected to increase to 45.4 million passengers from the the current 25 million passengers, and flight frequency increases to 1.100 frequencies daily day from the current 534 or more flight frequencies per day.
 
Currently, Garuda Indonesia operates 140 aircraft consisting of Boeing 777-300ER, Airbus A330-200/300, Boeing 737-800NG, Bombardier CRJ1000 NextGen, and ATR72-600, with an average age of 5 years. In support of the airline’s network expansion in the domestic and international sectors, throughout 2014 Garuda Indonesia will welcome the arrival of 27 new additions to its fleet, consisting of two (2) Boeing 777-300 aircraft, four (4) Airbus A330, twelve (12) Boeing 737-800NG, three (3) Bombardier CRJ1000 NextGen, and six (6) ATR 72-600.
 
 
Jakarta, 27 June 2014
PT GARUDA INDONESIA (PERSERO) Tbk.
VP CORPORATE COMMUNICATIONS
 
 
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