Berita lama, bukan ?
Bumi Set To Issue $300m Of Bonds
PT Bumi Resources, Asia’s biggest thermal coal exporter, announced on Tuesday
that it would issue $300 million of bonds on Friday with an interest rate of 12
percent. The market reacted negatively to the company’s strong appetite for
debt, sending its shares tumbling the most in more than three months.
Bumi’s shares dove 6.5 percent to Rp 2,150 (20 cents) a share after the company
confirmed the bond issue. It was the lowest close for Bumi shares since July 27.
Investors worried about the company’s ability to pay the bonds back..
“Bumi has confirmed [a planned issue of] $300 million in guaranteed senior
secured notes issued by PT Bumi Capital, a wholly owned Bumi subsidiary, with a
12 percent interest rate per coupon,” said Dileep Srivastava, Bumi’s vice
president for investor relations.
“The notes are expected to be issued on Nov. 13 [Friday] and to mature on Nov.
16, 2016.”
Credit Suisse and Deutsche Bank would act as the underwriters, Dileep said.
Bumi was forced to offer a relatively high interest rate because investors were
aware of its high level of debt, said Edwin Sinaga, president director of PT
Finacorporindo Nusa, a Jakarta-based brokerage firm.
“Investors don’t like a company that has too much debt because it decreases its
credibility,” Edwin said.
Dileep said the money raised would be used for capital expenditure and mining
exploration, as well as to finance future acquisitions and investments in
mining-related companies.
Bumi has guaranteed the notes, along with subsidiaries Forerunner
International, Sangatta Holdings, Kalimantan Coal and Sitrade Coal.
The bonds were rated Ba3 by Moody’s Investors Service and BB by Standard and
Poor’s, Dileep said. They have been pre-sold to US and other investors, Dileep
said.
The company will become the fourth Indonesian-based coal company to sell
dollar-denominated bonds to the international market this year.
This will be the second time for Bumi this year. Its Singapore-based
subsidiary, Enercoal Resources, issued $375 million in convertible bonds in
August.
Since October, three Indonesian coal and mining companies issued dollar bonds
that offered returns below Bumi’s interest rate.
PT Adaro Indonesia, a unit of the country’s second-biggest coal miner, PT Adaro
Energy, is paying a yield of 7.75 percent per year for $800 million of 10-year
bonds.
Indo Integrated Energy II, a unit of PT Indika Energy, is paying 9.75 percent
for $230 million of seven-year bonds.
PT Bukit Makmur Mandiri Utama, the country’s second biggest coal contractor, is
paying 11.75 percent for $600 million of bonds maturing in four and five years.
--- On Sat, 21/11/09, calvin_li...@yahoo.com <calvin_li...@yahoo.com> wrote:
From: calvin_li...@yahoo.com <calvin_li...@yahoo.com>
Subject: Re: [ob] CB Bumi + premium 30%
To: obrolan-bandar@yahoogroups.com
Received: Saturday, 21 November, 2009, 3:16 PM
Wah bener dong berita dari sekuritas ane.. Go go bumi rp.3700
Sent from my AXIS Worry Free BlackBerry® smartphone
From: M Herman <hermanlatief@ yahoo.com>
Date: Thu, 19 Nov 2009 23:58:13 -0800 (PST)
To: <obrolan-bandar@ yahoogroups. com>
Subject: [ob] CB Bumi + premium 30%
dari broker asing nih...
Dow Jones reported that Bumi Resources has sold US$300m of seven-year
convertible bonds at yield of 5.75%.
The bonds will have 30% conversion premium over reference price of Bumi shares.
According to the bankers quoted, the reference price will be the average of
Bumi’s share price over the next three trading days starting this Friday.
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