Berau Coal sells US$325m of bonds

East Kalimantan coal miner PT. Berau Coal sold US$325 million of five-year bonds at a lower than excepted yield after investors bid for five times the amount of debt on offer. Agencies reported Monday.

Berau sold $225 million of five-year bonds priced to yield 9.375 percent, lower than an earlier estimate of 9.5 percent, Merril Lynch & Co., which helped sell the debt said in an-email to investors.

Berau sold around 9.5 million tons of coal last year, of which about 70 percent were exported to its traditional markets, such as Taiwan, Hong Kong, South Korea, and Japan, while the remaining portion for domestic markets. (*)