Feb 7, 2011

Bumi to pay US$600 mio debt to CIC

Indonesia's biggest thermal coal exporter PT Bumi Resources Tbk (BUMI) plans to pay US$600 million debt to sovereign wealth fund Chinese Investment Corporation (CIC).
The payment is part of Bumi's strategy to reduce US$1 billion debt this year. "Our focus is to shrink US$600 million debt of tranche 1 to CIC," said Bumi Director Dileep Srivastava as quoted by Kontan today. Bumi obtained US$1.9 billion loan facility from CIC on September 18 2009.

Disclosure: No position at the stock mentioned above.  

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