Kapan yah barang-barang ini bakal dilepas murah ke pasar?
Salam,
Cumi, Cuma Mimpi
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*Lehman's portfolios in Indonesia, *
Lehman Brothers was among foreign creditors for PT Bakrie & Brothers (BNBR)
Tbk when Bakrie family were struggling to regain control over the company.
In fact, Lehman once owned 1.74% shares in BNBR back in 2003. After a brief
period of relatively quiet, Lehman returned to major corporate actions in
the last few years with Bhakti Group as the main partner.
Lehman was also active in Gajah Tunggal Group, Davomas, and Jakarta
Setiabudi, and Intikeramik Group. Let's start with Bhakti.
On Dec 18, 2007, Lehman Brothers Commercial Corp Asia Ltd provided US$75
million facility to PT MNC Sky Vision (MNCSV) where Global Mediacom (BMTR)
controls 51% shares. The 44-month facility carries LIBOR +2% interest, used
by MNCSV to expand Indovision's Pay TV business.
Collaterals of the facility are:
1) 2.27 billion shares of MNCSV at nominal value of Rp227 billion.
2) Shares in PT Media Citra Indostar owned by PT Datakom Asia at nominal
value of Rp68 billion, and
3) 893 million shares of BMTR at nominal value of Rp89 billion; The value of
these shares is Rp406 billion at the current price of BMTR (Rp455).
It is not clear yet on who will takeover the facility and the collaterals
from Lehman Brothers. But some local groups are keen to takeover the assets.
Bhakti's subsidiary PT Mobile-8 Telecom (FREN) once invested US$45 million
in Lehman Liquidity Fund but according to FREN's first half 2008 report, the
facility has been fully recovered.
Lehman also provided US$70 million facility to FREN in 2006 but FREN had
fully repaid the facility plus interest of US$1.6 million in August 2007.
On January 25, 2008, FREN and Lehman Brothers Opportunity Ltd (LBOL) amended
the warrant agreement dated Nov 29, 2006 in relation to the extension of the
exercise period until July 29, 2008. On the same date, FREN issued 20
warrant certificates to LBOL where each certificate is exchangeable for
111.368 million shares of FREN or around 2.227 billion shares. At the
current market price, the value of the shares is around Rp177 billion.
On August 8, 2007, FREN entered into a swap agreement with Lehman Brothers
Special Financing until March 1, 2013 with a notional amount of US$100
million where FREN agreed to pay fixed interest rate of 10.45%. As of Dec
2007, the fair value of the derivative financial instrument amounted to
US$299,212 or Rp2.8 billion.
Unfortunately, FREN has yet to issue its first half financial results to get
better view on Lehman-related issues. But some said Bhakti would likely get
significant discount on the facilities due to the bankruptcy filing.
*DAVOmas*
In May 2006, Davomas entered into an interest rate swap contract with Lehman
with a notional amount of US$50 million where Davomas agreed to pay a fixed
rate 9.28% in semi-annual intervals up to 2011. As of August 31, 2008,
Lehman controls 1.377 billion shares of DAVO, increased sharply from 6.37%
(789 million shares) in June 2007. At the moment, the value of Lehman shares
in DAVO is around Rp168 billion. It's not clear whether Lehman has divested
the shares.
*Intikeramik*
Ceramic producer PT Intikeramik Alam Asri Industri (IKAI) Tbk initially
planned to take US$22 million facility from Lehman, but cancelled due to
disagreement on warrant deal. Intikeramik then moved to PT Al Ijarah
Indonesia Finance (ALIF).
*Gajah Tunggal*
Lehman involved in the issuance of US$325 million bonds for Gajah Tunggal.
Other than that, Lehman and Citicorp agreed to restructure two notes issued
by Polychem Indonesia, an affiliate of Gajah Tunggal Group, with combined
outstanding of US$102 million late last year.
