Toba Bara plans to issue $250m debt notes
Monday, December 25 2017 - 02:32 AM WIB
IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk plans to issue debt notes worth US$250 million next year to raise funds to repay debts and to help finance power plant and mining projects.
Toba Bara said in a statement issued December 22 that the five-year debt notes will carry maximum interest rate of 10 percent per year. The company said it plans to hold a shareholders meeting on January 31 to seek approval over the proposed debt notes.
Toba Bara operates three coal mining concessions in East Kalimantan through subsidiaries PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), and PT Trisensa Mineral Utama (TMU).
The company also plans two coal-fired power plant projects including a 2x50 MW project in Gorontalo Province to be developed by subsidiary PT Gorontalo Listrik Perdana, and 2x50 MW in North Sulawesi by subsidiary PT Minahasa Cahaya Lestari.
Editing by Reiner Simanjuntak