Berau Coal recapitalisation update
Wednesday, March 25 2015 - 04:37 AM WIB
Following the Company?s announcement dated 18 March 2015,the Company and theinformal noteholder group have progressed discussions andreached an in principleagreement on the allocation of principal repaymentbetween the Notes if the Recapitalisationis completed. Terms used herein havethe same meaning as defined in the 18March 2015 announcement.
In respect of the initial $118.75m principal repayment madeon a closing:
- $62.47m will be applied in repayment of the 2015 Notes;and
- $56.28m will be applied in repayment of the 2017 Notes
To the extent that PT Berau Coal Energy Tbk (BCE) or BerauCoal Resources (BC) is able to obtain a commitment for a revolving creditfacility in an amount of up to $50.0m, then an additional $23.75m will beapplied in repayment of either the Notes or the New Notes on a pro ratabasis tothe then outstanding principal amounts. (ends)