Jun 6, 2010

Spinnaker provides loan to Bakrie

British hedge fund Spinnaker has been recorded as one of long term creditor for PT Bakrie & Brothers Tbk (BNBR).
In March's financial report, Spinnaker has provided long term loan amounting to Rp67.45 billion to Bakrie & Brothers. But, there is no single information more specific about the loan. Bakrie & Brothers likely prefers not to disclose the loan's use, tenor, and interest rate.
Spinnaker Global Emerging Markets Funds Limited is one of foreign investors that took participation in equity-linked notes issue of PT Bakrie Sumatera Plantations Tbk (UNSP), CPO-based plantation company owned by Bakrie & Brothers.
Along with Spinnaker, Lim Asia Multi-Strategy Fund Inc, Highview Point Master Fund Ltd, and Millenium Global High Yield Fund Limited also bought fixed rate equity-linked notes worth US$77.34 million issued by Bakrie Sumatera Plantations.
The company said these notes issue was lower than initial plan of US$100 million. Bakrie Plantation will use the proceed to jack up stakes in Agri International Resources Pte Ltd, a Singapore-based company founded in 2997, from 36.54% to 58.86%.

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