Bumi confirms effective for exchange of old debts with new loans
Thursday, December 7 2017 - 01:23 AM WIB
IDX-listed coal mining firm PT Bumi Resources Tbk confirmed that its three SPVs, namely Enercoal Resources Pte Ltd, Bumi Capital Pte Ltd, and Bumi Investment Pte Ltd., the issuers of Guaranteed Convertible Bonds (due 2014), and Guaranteed Senior Secured Notes (Due 2016 and 2017) have conveyed Settlement Instructions to eligible lenders on December 5 that the settlement for delivery of the new loans and new securities is expected to occur on December 11 (the Effective Date) as already advised earlier.
The company said in a statement on Wednesday that the Exchange Consideration formula for each issue that Noteholders should expect to receive for each US$1000 principal amount has also been advised by value of New Senior Secured Debt, MCB, CVRs and shares, as applicable. The mechanism, procedure and relevant details for the settlement have been described.
It has also been advised that in terms of the Debt Composition Agreement, Holders who failed to participate by submitting their Notice of Election prior to September 11 would have their applicable notes cancelled as of December 11 (the present Effective Date).
The individual settlement notices by the three SPVs on December55 have already been conveyed to eligible lenders and the beneficial owners, the company said.
Editing by Reiner Simanjuntak