Thursday, August 31, 2006

Credit Suisse launch US$1.2 billion refinancing for Bumi

Credit Suisse launched US$1.1 bn to US$1.2 bn 5-year loan for Indocoal, a subsidiary of PT Bumi Resources Tbk, to refinancy the company's bridging loan of US$800 million mature late Sept and finance Bumi's program, including the share buyback. The new loan facility would be secured by coal export receivables of PT Kaltim Prima Coal and PT Arutmin Indonesia, both are coal mining subsidiaries of Bumi.

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.
But with EBITDA at KPC well below expectations in the first half 2006, the new loan might be a hard to sell stuff.

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Anonymous Anonymous said...

This won't help anyone but Bumi use it as "umpan" to keep their starving contractors at KPC a little longer ....promises promises wishes wishes jani2 then all the spare uang will go out the back door as usual and no one will see any thing...and all will be left high dry again

September 02, 2006 8:20 AM  
Anonymous Anonymous said...

If only Bumi accepted Borneo's offer then all would be fine....but the creed of greed shall prevail.

September 04, 2006 10:54 AM  

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