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Asia Pacific Rayon (APR), an integrated rayon fiber producer, obtained a syndicated loan facility worth Rp 4.5 trillion (US $ 300 million) from a number of national and international affiliated banks.

The funding is used to support the capital expenditures of companies operating in Pangkalan Kerinci, Riau Province, Sumatra.

Asia Pacific Rayon's operations are directly integrated with its supply chain, in the same complex as renewable industrial plantations to produce high quality textile products.

Starting to operate in 2019 and inaugurated by President Joko Widodo in February 2020, APR plans to increase the production capacity of rayon fiber in the next few years to meet the growing potential demand for viscose staple fiber (VSF) and strengthen the Indonesian market and export markets abroad.

Asia Pacific Rayon is part of the RGE Group, which manages a group of resource-based manufacturing companies operating globally.

Banks participating in this loan syndication are PT Bank Rakyat Indonesia Tbk, PT Bank Central Asia Tbk, PT Bank Pan Indonesia Tbk, PT Bank Pembangunan Daerah Jawa Barat, PT Bank Woori Saudara Indonesia 1906 Tbk, and PT Bank KEB Hana Indonesia. PT Bank Rakyat Indonesia Tbk, PT Bank Central Asia Tbk, and PT Bank Pan Indonesia Tbk were appointed as joint mandated lead arranger and bookrunner (JMLAB) for the loan syndication.

Director of Asia Pacific Rayon Basrie Kamba said this funding will be used to continue investment in the production of rayon or viscose fiber, which is textile raw material that comes from sustainable management of industrial plantations (HTI).

As a textile raw material, rayon fiber has advantages including being a renewable and biodegradable source, which supports sustainable fashion trends in Indonesia and the world fashion market.

The Asia Pacific Rayon expansion plan is also in line with the government's strategy to increase investment and encourage job creation to support economic recovery due to the Covid-19 pandemic. Following the passing of the Omnibus Law in October last year to boost investment and job creation, President Jokowi said last month that investment would be key to achieving economic growth of 5% by 2021.

“This loan facility and ongoing investment in our business activities are clear evidence of the potential growth of the viscose-rayon industry in Indonesia and the world. We are committed to continuing to support the Indonesian Government's efforts to improve the investment climate in the export-oriented manufacturing industry, creating jobs in the upstream industry, namely in industrial plantation forest processing (HTI) and processing of raw materials, as well as employment in the downstream industry, namely the textile and business industries. related, "said Basrie.

Heri Setiawan, Executive Vice President of BRI as a representative of JMLAB and all creditors hopes that this collaboration can support Asia Pacific Rayon in increasing production and developing its operations as well as supporting the recovery of increased exports in Indonesia.

Susiana Santoso, Executive Vice President of BCA, said that the support of BCA and all participating banks in the syndication reflects trust in the Asia Pacific and contributes to supporting a sustainable and environmentally friendly industry.