PT Berau Coal, Indonesia's fifth-largest producer, hired Credit Suisse Group AG to help it get a
$300 million loan that it will use to repay bonds. The company told banks it may pay interest of 475 basis points more than the London
interbank offered rate for a one-year loan. Money raised from the loan would be used to repay $225 million of 9.375 percent bonds Berau sold in December 2006, the person said. The notes, which are due to mature in December 2011, are being redeemed early after a so-called change of control clause was triggered.
$300 million loan that it will use to repay bonds. The company told banks it may pay interest of 475 basis points more than the London
interbank offered rate for a one-year loan. Money raised from the loan would be used to repay $225 million of 9.375 percent bonds Berau sold in December 2006, the person said. The notes, which are due to mature in December 2011, are being redeemed early after a so-called change of control clause was triggered.
Recapital Advisors has agreed for the transaction of acquisition 90 percent shares of PT Berau Coal owned by Rizal Risjad worth US$1.5 billion. the transaction had bond redemption by Berau Coal so that the collateralized stocks to the creditor are given to Berau and then owned by the new owner.
Previously Recapital proposed the highest bid worth US$1.4 billion to acquire Berau Coal shares. Recapital competed against Banpu PLC Thailand, PT Quattro Inti Investama, and Consortium of Indika Energy.
Consortium of Indika consisted of Korea Electric Power Corporation (Kepco) and Capital Goup Companies. Meanwhile, Quattro is deemed the representative of business owner from Surabaya, Kentjana Widjaja and Daesang Group.
Some 51 percent Berau shares are owned by PT Armadian Tritunggal, the company with almost full possession of Rizal through PT Risco, Rognar Holding B.V. with 30 percent shares, and the rest owned by Sojitz Corp. Jepang.
The average Berau coal production is 20 million tons per year with 5,000-5.888 kcal with concession of 100,000 hectare plots of land in East Kalimantan.
Consortium of Indika consisted of Korea Electric Power Corporation (Kepco) and Capital Goup Companies. Meanwhile, Quattro is deemed the representative of business owner from Surabaya, Kentjana Widjaja and Daesang Group.
Some 51 percent Berau shares are owned by PT Armadian Tritunggal, the company with almost full possession of Rizal through PT Risco, Rognar Holding B.V. with 30 percent shares, and the rest owned by Sojitz Corp. Jepang.
The average Berau coal production is 20 million tons per year with 5,000-5.888 kcal with concession of 100,000 hectare plots of land in East Kalimantan.
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