Aug 9, 2010

Bukit Mutiara pays US$300m debt to CS

Empire Capital, a wholly owned subsidiary of publisly listed PT Berau Coal Energy Tbk (BRAU) which is scheduled to list shares on August 19, has paid its debt to Credit Suisse (CS) on July 23 2010.
In line with the payment, Berau Energy's parent company dubbed PT Bukit Mutiara has also paid its debt namely bidco loan worth US$300 million to Credit Suisse on July 23 2010.
In a prospectus of Berau Energy's initial public offering (IPO) published today, Berau Energy reveals that the company has issued a 5 year US$350 million of guaranteed senior secured notes, providing an annual interest of 12.5%, on July 8 2010. Berau Energy also issued additional notes worth US$100 million on July 29 2010.
The company on July 23 2010 has entered into senior secured credit facility agreement worth US$400 million with Credit Suisse AG, Singapore.
The facility, arranged by Credit Suisse as well, is consisting of A tranche worth US$300 million and B tranche of US$100 million and mature in the next 57 months.
Berau Energy will offload 3.4 billion of shares or 9,74% during the IPO at Rp400 per share, allowing it to snap up IDR1.36 trillion of cash.
PT Danatama Makmur and affiliated local house PT Recapital Securities are Berau Energy's IPO underwriters.

Disclosure: No position at the stock mentioned above.

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