PT Recapital Advisors will pay premium 8 percent more than London inter bank offered rate (Libor) for U$300 million loan arranged by Credit Suisse Group AG. This loan will help fund its $1.48 billion acquisition of PT Berau Coal.
Empire Capital Resources Ltd., a Berau unit, will also get a $300 million one-year loan via Credit Suisse paying 4.75 percentage points more than Libor. This loan will be used to repay $225 million of 9.375 percent bonds after the buyout triggered a so-called change of control clause
requiring early redemption of the 2011 notes.
requiring early redemption of the 2011 notes.
Recapital is being assisted by PT Bumi Resources, it may provide the investment company with $300 million of additional funding to complete the acquisition. Bumi would be willing to support Recapital in exchangefor exclusive marketing rights for thermal coal
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