Chandra Asri gets US$250 million loan to fund equity in Esso deal

The financing underscores how private credit funds and traditional lenders increasingly operate side-by-side in mergers and acquisitions in Asia-Pacific

Published Tue, Jan 27, 2026 · 11:11 AM

Indonesian energy and chemicals firm Chandra Asri Pacific has secured a US$250 million loan to back its purchase of Esso-branded service stations in Singapore from ExxonMobil, according to sources familiar with the matter.

Bangkok Bank and sovereign wealth fund Indonesia Investment Authority provided the eight-year facility, which will partly fund the equity portion of the acquisition, the sources said, who asked not to be identified discussing private matters.

Chandra Asri declined to comment, while Indonesia Investment Authority and Bangkok Bank did not respond to requests for comment.

The financing underscores how private credit funds and traditional lenders increasingly operate side-by-side in mergers and acquisitions in Asia-Pacific, a region flushed with bank liquidity.

Although the region’s private credit market is projected to grow to US$92 billion in 2027 from US$59 billion in 2024, such firms often face pricing pressure from banks, which typically offer loans 200 to 400 basis points cheaper, according to an industry report.

In October, Chandra Asri agreed to buy ExxonMobil’s Esso-branded service station in Singapore for an undisclosed sum.

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In November, the Indonesian company announced it had obtained a US$750 million loan from KKR via KKR Capital Markets, supported by its private credit and insurance platforms, according to a press release. BLOOMBERG

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