Oct 8, 2010

Investor to buy US$60 mio Arpeni CB

A potential investor has agreed to buy US$60 million secured convertible bonds to be issued by shipping company PT Arpeni Pratama Ocean Line Tbk (APOL).
The investor has entered into term sheet agreement with Arpeni on October 4 2010. Under the agreement, the investor could convert the 5 year bonds at the end of maturity in 2015.
The investor, who has awarded an exclusive rights to set a due diligence on Arpeni, should invest up to 35% of US$70 million to buy new shares to be issued by Arpeni.
The company plans to issue new shares at the same time with the bonds issuance. To close the transaction, Arpeni requires shareholders approval and both loan and bonds creditors.

Disclosure: No position at the stock mentioned above.

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