Apr 21, 2011

Adaro to refinance US$1.61 bio debt

One of Indonesia’s largest coal producer PT Adaro Energy Tbk seeks to refinance US$1.61 billion or nearly Rp14.51 trillion debt after replacing US$300 million debt of its subsidiaries in a bid to make its financial performance robust.
The company is also in talks for acquisition over several domestic mining companies as it keens to complete three acquisition of the total four potential coal mining acquisition.
Adaro shall continue to explore any opportunities to refinance such debt this year particularly by combining various kinds of financing alternatives, said Adaro’s Finance Director, David Tendian.
“We shall considers all opportunities to refinance our debt. We don’t set any target for debt reduction per year. Instead, we will adapt to the given refinancing alternatives such as from bank loan or bonds,” he said as quoted by Bisnis Indonesia today.
Adaro’s Director, Andre J. Mamuaya, said the company is currently in talks to acquire low-calorie four coal concession in Borneo and Sumatra.
“This year we expect to finalize two or three negotiations. The negotiation with PT Bhakti Energi Persada is ongoing besides the partnership projects with BHP Billion and Indomet Coal.

Disclosure: No position at the stock mentioned above.

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