Saturday, August 26, 2006

Bumi Resources US$800 million refinancing

As I posted yesterday, the next move for PT Bumi Resources Tbk after the collapse of US$3.2 billion divestment of KPC, Arutmin and Indocoal is refinancing the US$800 million debt. Like the previous ones, Credit Suisse will arrange the new fund raising activity.

In April, Bumi Resources announced the closing of the sale of US$800 million 7% structured notes due July 2006 issued by Indocoal to refinance the redemption of US$600 million 7.134% notes due 2012 issued by Indocoal in July 2005. The Notes have been structured as financing bridge to the closing of Bumi's divestment of KPC, Arutmin, and Indocoal which collapsed this week.

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