Bumi seeks to restructure bonds
Saturday, August 9 2014 - 03:27 AM WIB
IDX-listed coal giant PT Bumi Resources Tbk, as guarantor and its subsidiary Enercoal Resources Pte, Ltd., as issuer, announced a new formal consent solicitation process for their US$375 million 9.25 percent Guaranteed Convertible Bonds due August 2014.
?The companies intend to solicit consents, via a bondholder?s meeting to be held on 22 August 2014, to extend the maturity of the Convertible Bonds, amend the conversion price and coupon and include the Convertible Bonds as additional intercreditor debt secured by common security on a pari-passu basis with other senior secured indebtedness, among other things,? the company said in a statement Friday.
Bumi said that in view of the depressed coal price and sector environment the companies were not in a position to settle the bonds in cash and believed that holders will favorably consider the proposed amended terms and will vote in the consent solicitation on 22 August to approve the proposed amendments.
Editing by Reiner Simanjuntak