JAKARTA (Yosefardi) – Giant coal miner PT Bumi Resources Tbk (BUMI), member of Bakrie Group, targets to pay debt of US$700 million to US$1 billion during 2014, to cut existing debt to US$2 billion be end of next year.
As of September 2013, BUMI’s debt totaled US$4.22 billion, including US$373 million convertible bonds. BUMI’s debt to Country Forest Limited totals US$1.787 billion. BUMI also has debt to Credit Suisse.
While debts of its unit, PT Bumi Resources Minerals Tbk (BRMS), to Credit Suisse AG (Singapore) amounts US$100 million, scheduled to mature next month. This debt might be extended.
BUMI is now in efforts to pay US$1.357 billion debt to Country Forest Limited and China Investment Corporation (CIC). The company targets to cut its debt to US$2.802 billion by end of this year.
BUMI will transfer its ownership in 2 units and issuing new shares as options of debt settlement. BUMI will transfer 19% stake ownership in PT Kaltim Prima Coal (KPC) valuing of US$950 million and 42% stake ownership in BRMS valuing of US$257 million. While rights issue would generate US$150 million fund.