Indonesia's largest thermal coal exporter PT Bumi Resources Tbk (BUMI) yesterday finally exercised an option to make early payment of a US$600 million debt to China Investment Corporation (CIC).
To pay the debt, Bumi has utilized financing facilities with interest rate Libor+6% provided by syndicated banks such as Bank of America-Merrill Lynch, Deutsche Bank, Barclays Bank, and JP Morgan.
"The debt will mature on September 30 2012 and we have paid 2 years earlier," said Director Dileep Srivastava at Bumi Resources as quoted by Bisnis Indonesia today. Following the payment, Bumi Resources will save a US$72 million interest.
Disclosure: No position at the stock mentioned above.
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