Oct 5, 2010

Credit Suisse, RZB, take BUMI shares

Indonesia's largest thermal coal producer PT Bumi Resources Tbk (BUMI) enabled to shrink its total debt from US$4.17 billion as of September 29 to US$3,81 billion as a result of non preemptive rights.
The company's debt structure is now consisting of US$591.8 million convertible bond, US$3.06 billion bank loan facilities, and other debts of US$158 million.
Bumi's bank loans lowered from US$3.42 billion level after two creditors Credit Suisse and Raiffeisen Zentralbank Osterreich AG (RZB) (via Moorfields Investments Limited) participated non preemptive rights of 7.06% or 1.37 billion new shares worth US$360 million or IDR2,366 per share.
Moorfields Investments is Tortola, BVI-based company, wholly curbed by Raiffeisen Zentralbank. Moorfields determined to participate 760.78 million new shares issued by Bumi. Another creditor Credit Suisse, based on London, conveyed a participation for 608.62 billion new shares.
At the end of June 2001, Bumi's total debts stood at US$4.12 billion, consisting of US$777.5 million convertible bonds, US$3.18 billion bank loans, and other debts of US$158 million.

Disclosure: No position at the stock mentioned above.

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