Bumi Targets $450m Bond, Trims IPO
July 19, 2010
Coal mining at Kaltim Prima Coal (KPC), PT. Bumi Resources in East Kalimantan. (Photo Courtesy of PT. Bumi Resources) Related articles
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PT Bumi Resources, the nation’s biggest coal miner, said on Monday that it was eyeing a $450 million bond issue to refinance debt this year, and has cut the size of the IPO planned for its non-coal assets.
The bond issue may go ahead in September or October, Bumi said, depending on sentiment in US and European markets.
“The bond plan is to refinance debts,” chief executive Ari Hudaya said. “The best [timing] I think would be in September to October but it’s still not decided yet.”
Bumi had hoped to raise as much as $1 billion from the initial public offering of its non-coal assets, but scaled back the size of the deal to around $500 million in May. On Monday, Bumi said it aimed to raise $200 million to $300 million from the share sale.
Bumi was also looking at opportunities to buy non-coal mining assets in Africa, corporate secretary Dileep Srivastava said on Monday. The company owns a diamond concession in Liberia and an iron-ore project in Mauritania.
Bumi said it expected a dividend of $224 million this year from its stake in Newmont Mining’s Indonesian unit. Coal output could reach 70 million tons this year, the company said.
Reuters
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