Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth largest coal mining producer PT Berau Coal, after PT Bukit Mutiara converts its debt to Rizal Risjad into BRAU shares.
Bukit Mutiara, wholly owned subsidiary of PT Recapital Advisors, controls 99% stakes in Berau Coal Energy.
When Bukit Mutiara acquired 90% stakes in PT Risco, now Berau Coal Energy, Rizal Risjad provided vendor financing worth US$580 million to Bukit Mutiara early January this year.
Recapital President Director Rosan P. Roeslani said Bukit Mutiara has an option to convert its debt obtained from Rizal into Berau Energy shares in December 2010.
"The debt might be converted into Berau Energy shares. In return, Rizal Risjad would own 10% stakes in Berau Energy," Rosan said.
Berau Coal Energy 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.
Rosan 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.
Berau Coal aims to jack up coal production volume from 17.9 million tons in 2010 to 21 million tons in 2012. As of June this year, revenue has reached US$475 million from a year earlier of US$376 million.
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