Apr 6, 2011

Berau obtains consent to buyback bonds

PT Berau Coal Energy Tbk gets consent to buy back its US$450-million bonds, reinforcing the plan to make share swap with Vallar Plc amid higher coal price.
PT Bukit Mutiara as the shareholder of Berau Energy will transfer rights and ownership of Berau to Vallar Group on April 8, 2011 following the end of lock-up period of Berau Coal Energy.
“We have obtained consent from creditors. Not buyback,” President Director Berau Coal Rosan P. Roeslani said as quoted by Bisnis Indonesia.
The company has offered the option of bonds buyback which was issued by Berau Capital Resources as of March 4, 2011 until April 4, 2011.
The US$450 million senior guaranteed bonds issued on July 8, 2010 will mature in 2015. Berau Management has appointed Hong Kong-based HSBC as the buyback arranger. “We provide 30 days to bondholders to respond the buyback plan,” Director of Finance Berau John Ramos said in its information disclosure.

Disclosure: No position at the stock mentioned above.  

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