PT Berau Coal Energy, parent company of Indonesia's fifth largest coal miner PT Berau Coal, has determined to offload 3 billion shares in the primary market via initial public offering at the price of Rp300-Rp400 per share. By considering the price, Berau Coal Energy will snap up cash of Rp900 billion to Rp1.2 trillion. The current size is 4 billion shares lower than initial plan mentioned in the IPO prospectus of 7 billion shares on the back of raising funds from bond issuance and band loans.
Berau Coal's Commissioner Rosan Perkasa Roeslani said Berau Coal Energy has secured loan facilities worth US$400 million from some foreign banks including Credit Suisse, Deutsche Bank, and a Chinese bank. In parallel, Berau Coal is underway to issue US$350 million bond, offering interest rate of 12.5% for 5 year maturity. "About US$600 million will be used to refinance debt to Credit Suisse," he said. The IPO proceed of around US$100 million will be used to finance capital expenditure in the next three years.
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