Berau postpones bond issuance
Wednesday, August 13 2014 - 07:01 AM WIB
LSE-listed Asia Resource Minerals plc (ARMS) announced on Wednesday that its indirect subsidiary Berau Capital Resources II Pte. Ltd has postponed the placing of US$450 million of Guaranteed Senior Secured Notes due 2019.
The postponement has been decided by the Board of Commissioners of PT Berau Coal Energy Tbk due to adverse market conditions, ARMS said.
The use of proceeds of the proposed notes was intended for the redemption in full of the $450m outstanding 12.5% Guaranteed Senior Secured Notes due 8 July 2015.
ARMS and its subsidiary PT Berau Coal Energy Tbk, intend to proceed with their refinancing plans when market conditions permit, and will update shareholders on its progress in due course, the firm said.
Berau Capital launched the offering of the bond on July 25.
Editing by Johannes Simbolon