Thursday, October 19, 2006

Credit Suisse provides US$300 million loan to Bumi subsidiary

Credit Suisse has agreed to provide up to US$300 million loan to Enercoal Resources Pte Ltd, a subsidiary of PT Bumi Resources Tbk. The one-year facility will then be loaned further to Bumi Resources to finance working capital with Bumi's rupiah and USD bank accounts plus Enercoal accounts as collaterals.

No details available on the interest rate charged. Bumi is currently busy to buyback up to 1.9 billion shares with maximum purhasing price of Rp1,200/share. Bumi reported buyback of 16 million shares early this week at Rp760/share.

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