Bumi Resources to sell $600 million 7-year ABS: Sources
Saturday, June 4 2005 - 02:55 AM WIB
Two subsidiaries of Indonesia's mining firm PT Bumi Resources are looking to raise $600 million in securities backed by coal exports, the Dow Jones Newswires reported on Friday citing market sources as saying.
The offering - via IndoCoal Exports (Cayman) Ltd. - will carry a 2012 maturity but will have an average life of 3.1 years.
Roadshow details for the offering have yet to be fixed, but the roadshow will take in Asia, Europe and the U.S.
The export receivables will be generated by PT Kaltim Prima Coal and PT Arutmin Indonesia, both subsidiaries of Bumi Resources.
The offering will be lead managed by Merrill Lynch and is expected to get a BBB- rating from Fitch Ratings.(*)