Many said that PT Bakrie & Brothers Tbk (BNBR) will use Vallar Plc shares to raise more and more financing, it is now proven.
Bakrie & Brothers has initiated to pledge Vallar new shares to obtain new financing facility of US$601 million from Credit Suisse, AG, Singapore Branch. The 1-year facility, charging an annual interest rate of Libor + 6%, has been used by Bakrie & Brothers to refinance its debts to three lenders which have been secured by some shares of its subsidiaries, including PT Bumi Resources Tbk (BUMI).
Without paying the debt facilities, Bakrie & Brothers would be unable to release Bumi shares and transfer 2.85 billion shares of Bumi to Vallar. Bakrie & Brothers on March 4 has transferred 2.85 billion shares in Bumi to Vallar for 49.39 million of Vallar new shares.
Utilizing the new facility, on March 2 Bakrie paid US$67.6 million loan facility to Credit Suisse International to release 300 million of Bumi shares. Bakrie also paid US$23 million loan facility to Credit Suisse AG which was previously secured by Bumi shares, Bakrieland Development, Bakrie Telecom, and Bakrie Sumatera Plantations.
Bakrie also paid US$60 million loan facility to Bank Sarasin-Rabo (Asia) Ltd which was previously guaranteed by some shares of Bakrie Plantations, Bumi, Bakrieland, and Bakrie Telecom.
Bakrie settled Rp123.55 billion loan facility to Sinarmas Sekuritas, releasing some shares of Bumi Resources, Energi Mega Persada, Bakrie Plantations, and Bakrie Telecom.
Disclosure: No position at the stock mentioned above.
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