Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI), owned by Bakrie family, reported to pay US$300 million bond issued by its subsidiary Enercoal Resources Pte Ltd.
As reported by local medias yesterday, the early payment was part of Bumi's strategy to reduce its total debt this year.
Bumi used proceed of non-preemptive rights to settle the bond. Last year, the company shrank its debt of US$500 million. It targets to drag down another US$1 billion debt this year.
Disclosure: No position at the stock mentioned above.
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