Palm oil producer PT Bakrie Sumatera Plantations Tbk (UNSP) will use 6.1 million shares obtained from buyback to settle US$600,000 equity-linked notes to Credit Suisse (USA) LLC. The conversion price is set at Rp347.02 per share, higher than yesterday closing price at Rp290.
Harry M. Nadir, Bakrie Plantations' Finance Director, said the notes settlement is part of a total of US$199 million equity linked notes which will mature in 2017.
Referring to the notes agreement, the company can settle the notes using cash, shares, and a combination of cash and shares.
Credit Suisse sent notification to Bakrie Plantations on September 12, saying the creditor has asked the company to settle the notes using shares.
The share will be converted into notes within 14 days after the announcement filed to Indonesia Stock Exchange yesterday.
Disclosure: No position at the stock mentioned above.
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