Indonesian state miner Antam seeks $500 million syndicated loan
Indonesian miner Aneka Tambang Tbk, better known as Antam, is seeking a $500 million loan, according to people familiar with the matter, in what would be the country’s first syndicated dollar borrowing from a state-owned enterprise this year.
United Overseas Bank is the coordinator of the five-year financing, which is equally split into a term loan and a revolving credit facility, the people said, who asked not to be named discussing private matters.
Proceeds raised will be for general corporate purposes, including capital expenditure and working capital, among others, they added. Antam didn’t immediately respond to a request for comment.
The Southeast Asian nation had once been a major supplier of dollar-denominated loans, but volume has been on a decline. Greenback-denominated facilities excluding bilateral deals from Indonesian borrowers has hit a nine-year low in 2025, falling almost half of last year’s volume over the same period to $2.4 billion, according to data compiled by Bloomberg.
Local borrowers have been turning to the highly liquid domestic market for cheaper funding amid elevated dollar benchmark rates. Also, state-owned firms, which used to raise sizable greenback deals, have paused their fundraising plans as they seek clarity on the government’s policy trajectory following the inauguration of president Prabowo Subianto last October.
Antam’s business comprises exploration, processing and refining ferronickel, nickel ore, gold, silver, bauxite, among others, according to its website. The company is 65% owned by Mining Industry Indonesia, the state-owned mineral resources holding company known as MIND ID, while the remaining is in free float.
MIND ID in March closed a $1 billion club loan with four banks. The 12-month facility, which was used to refinance bonds, was not syndicated to the broader market, according to Bloomberg News.
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