Bumi to redeem $600m Notes
Thursday, March 30 2006 - 03:01 AM WIB
JSX-listed mining firm PT. Bumi Resources announced on Wednesday that its subsidiaries PT. Kaltim Prima Coal (KPC) and PT. Arutmin Indonesia has instructed IndoCoal Export (Cayman) to redeem all the outstanding principal amount of a 7.314% Series-2005-1 Notes due July 6, 2012 issued by IndoCoal Export on July 6, 2005.
As of March 28, the outstanding principal amount of the Notes was US$522 million, Bumi said in a report filed with The Jakarta Stock Exchange. The Notes will be redeemed on April 28, 2006.
Credit Suisse Singapore branch will provide the financing necessary for the Notes redemption.
Bumi issued US$600 million structured export note backed by receivables generated from the businesses of KPC and Arutmin Indonesia in 2005. Bumi is currently in the process of selling its entire ownership in KPC and Arutmin for US$3.2 billion. (alex)