PT Bumi Resources Tbk, Indonesia's largest coal producer, plans to refinance $400 million to $450 million of debt, possibly by issuing longer-maturity bonds in September or October.
Bumi plans to reduce debt to about $3 billion by the end of this year from $3.7 billion through several refinancing options, including a possible bond issue and new-share sale.
Bumi plans to raise IDR4.6 trillion ($506 million) by selling 1.94 billion new shares to its creditors including China Investment Corp., Credit Suisse Group AG and JPMorgan Chase Bank
NA in September to help repay debt.
NA in September to help repay debt.
Coal output the company may exceed forecast by as much as 2 million metric tons to 66 million tons this year. Shipments climbed 21 percent in the first half of this year to 31 million
tons from 25.6 million a year earlier.
tons from 25.6 million a year earlier.
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