PT Uniflora Prima plans to acquire a 51.9% stake in PT Davomas Abadi Tbk, Indonesia's largest producer and exporter of cocoa butter and cocoa powder (collectively referred to as cocoa products).
Uniflora plans to use with proceeds from a mandatory convertible bond of USD77 million, which will be automatically converted into shares of Uniflora upon issuance of the proposed senior secured notes.
The proceeds from the bond issue will be used to fund expansion at Uniflora and a mandatory tender offer for the rest of Davomas' shares, with any unutilized amount used for the repayment of a US$33 million subordinated shareholder loan provided to Davomas for working capital purposes, pursuant to its debt restructuring exercise in 2009.
The fund alo plans for full redemption of Davomas' senior secured notes due 2011 and 2014 and working capital and general corporate purposes.
Moody's Investors Service has today assigned a provisional B2 corporate family rating to Uniflora. At the same time, a provisional B2 senior secured bond rating has been assigned to the proposed senior secured notes issued by Uniflora Prima International Pte. Ltd., an entity wholly-owned and guaranteed by Uniflora.
1 comment:
Uniflora is probably same owners as Davomas just trying to hide their identity so it looks like there's a change. They are criminals, will default like Davomas did before. Uniflora owner Rudiono Tantowijaya is major shareholder of Davomas but he is a mystery man. Any idea who he really is and who is behind him?
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