Vallar PLC's completed purchase of PT Bukit Mutiara's 75% stake in Berau Energy last week. As a part of the transaction, Vallar paid Berau Energy's parent Bukit Mutiara about US$739 million.
Bukit Mutiara has used the cash to repay the majority of its debt. Berau Energy was consolidated the debt (about US$800 million) at the parent and leverage to have improved substantially because of the significant reduction in debt at Bukit Mutiara.
Standard & Poor's had raised its long-term corporate credit rating on Indonesia-based coal mining company Berau Energy to 'BB-' from 'B+'. The outlook is stable. S&P also raised issue rating on the senior secured notes issued by Berau Capital Resources Pte. Ltd., a wholly owned subsidiary of Berau Energy, to BB- from B+. At the same time, S&P removed all the ratings from CreditWatch, where they were placed with positive implications on Nov. 23, 2010.
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