JAKARTA (Yosefardi) – PT Borneo Lumbung Energy Tbk (BORN) plans to restructure its debt to Standard Chartered Bank amounting US$761.1 million, funded by its special dividend obtained from Bumi Plc, following the separation of Bumi Plc with Bakrie Group.
Through Borneo Bumi Energi & Metal Pte Ltd, BORN held 23.8% shares of Bumi Plc which changed name into Asia Resources Minerals Plc. BORN will get special dividend of US$95.2 million from Bumi Plc, 23.8% of total dividend of US$400 million received by Bumi Plc from shares transfer.
BORN will propose the extension of debt payment to Standard Chartered Bank for the matured debt amounting US$300-500 million.
BORN made US$1 billion loan from Standard Chartered Bank, used to fund the acquisition over 51% stake in Borneo Bumi and 49% stake in Long Haul Holding Limited from PT Bakrie & Brothers Tbk (BNBR).