Bumi new loan downsized to US$900 million
PT Bumi Resources Tbk is pushed to downsize the amount of loan raised by Credit Suisse to US$900 million, but looking for mezzanine facility of US$300 million to make it US$1.2 billion.
Source at Bumi said the US$900 million facility would be consisted of US$600 million 5-year and US$300 million y-year loans. Then to meet the demand (US$1.2 billion, of which US$805 million refinancing and the remaining for working capital), Bumi is looking for Mezzanine facility of US$300 million.
Bumi is expected to announce the fund raising result this afternoon. Interest rates are believed to be higher.
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Source at Bumi said the US$900 million facility would be consisted of US$600 million 5-year and US$300 million y-year loans. Then to meet the demand (US$1.2 billion, of which US$805 million refinancing and the remaining for working capital), Bumi is looking for Mezzanine facility of US$300 million.
Bumi is expected to announce the fund raising result this afternoon. Interest rates are believed to be higher.
Labels: Bumi Resources, CSFB
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posted by yosef at 11:06 AM
3 Comments:
Looks like international banks finally give money even the Bakrie smoke and mirrors, but the money not enough. Bumi have to pay central government $US 200 juta in unpaid royalties SEGERA otherwise lose contract of work for Arutmin and KPC. Poor long suffering suppliers just get promise letter but so far no money. Here is question - who the more stupid? Bank for giving money to idiot / government for not brave to cancel CCOW / supplier for acting as unofficial bank to Bumi ? Answer - for sure semua dong !
Well, got to admit that it is always critical decisions that needs to be made:
On one hand, there's Lapindo and the mud = the owner finally "rest their hands" to Government = so no owner's money spent - no money outflow (although the people have sufferred but Lapindo's owner just couldn't care less).
On the other hand, there's Bumi and the "deal" = potential "money" inflow to the "owner" (although the contractors (with employees working for them) were "almost dying" but Bumi's owner just couldn't care less).
There's same coefficients in the above equations = both owners just couldn't care less...
Well, to some people these days is "payback time" for those long gone and blocked opportunities during 32 years Suharto's time....
Sad, But True,
Give those bank you're big houses in london, do not collect 300jt, go strait to jail.
It only "monopoly" money anyways.
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