Berau Coal plans $500m global bonds

IDX-listed coal mining firm PT Berau Coal Energy Tbk plans to issue global bonds worth up to US$500 million in May or June of this year, Investor Daily reported on Thursday.

The paper quoted company General Manager for Corporate Communications Singgih Widagdo as saying that proceeds from the bond issuance will be used to accelerate the repayment of maturing bonds worth $450 million.

Singgih is optimistic with the planned bond issue given the company?s rising production and improving outlook of the coal sector as the commodity will remain as key source of energy in the future. Berau initially planned to issue the global bonds in the second semester of last year, but cancelled the plan amid negative investors sentiment toward emerging markets at the time. (*)