Oct 20, 2010

Borneo Energi to pay Rp1.95 trio debts

PT Borneo Lumbung Energi & Metal Tbk (BORN) aims to pay Rp1.95 trillion debts, using the proceed from the initial public offering (IPO) of 3.32 billion shares or 20% worth US$400 million.
In the IPO prospectus published today, Borneo Energi plans to use some of the proceed to pay Rp600 billion senior secured notes to PT Sinarmas Sekuritas on December 17 2010.
Borneo, controlling share holder of hard coking coal miner PT Asmin Koalindo Tuhup located in Kalimantan, also will pay a maximum of Rp670 billion debt to PT Bank CIMB Niaga Tbk and Rp685 billion debt to RZN Bank.  
CIMB Securities is lead underwriter for the IPO in coalition with two international arrangers Credit Suisse and Morgan Stanley.
Borneo posted Rp1.07 trillion revenue in June 2010, Rp350.90 billion operating profit, and Rp20.65 billion net profit.

Disclosure: No position at the stock mentioned above.

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