Oct 7, 2011

Bumi Plc pledged at 8.5 pound sterling

PT Bakrie & Brothers Tbk (BNBR) and its parent Long Haul Holdings Ltd have pledged 50 million shares of London-based Bumi Plc to its creditors at 8.5 pound sterling, indicating the lowest market level before they have to top up when Bumi Plc shares drops.   
Bakrie Group, as reported by Bisnis Indonesia today, pledged the shares to a group of lenders when it secured US$1.3 billion loan facility from Credit Suisse, Singapore in early March this year.  Of the total debt, BNBR took US$601.75 million and the remaining went to Long Haul. 
Bakrie's CFO Eddy Soeparno said the debt will due next year. But, Financial Times reported yesterday that the debt will mature in March next year. Bakrie family is also considering selling off assets to repay a US$1.34 billion loan to a syndicate led by Credit Suisse, people familiar with the matter said.

Disclosure: No position at the stock mentioned above.

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