Friday, February 12, 2010

BLTA accomplished US$100 million placement

Shipping giant PT Berlian Laju Tanker (BLTA) Tbk has just accomplished the issuance of US$100 million 12% guaranteed convertible bonds due 2015 through offshore private placement on February 10.
BLTA struggles with huge debts in its book. The stock has lost 15% in the past three weeks and 35% from its peak last year (July). The stock reached its historic high of Rp2650 in January 2008. So, the current price is 77% below its all time high.
At the current price, BLTA has market cap of Rp3.7 trillion or about US$400 million. It is traded at 55% equity and 15.8% of its total asset. The company's total liabilities as of Sept 2009 was US$1.8 billion, including US$971 million of bank loans.
BLTA reported (English version to SGX) operating revenues of US$450 million in nine months of 2009, declined 17.6% from the same period in 2008. The company reported net loss of US$9.7 million against US$161 million net profit in Jan-Sep 2008. But the financial report dated November 13, 2009 pointed to net profit of US$6.05 million against US$188 million in Jan-Sep 2008.




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