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Prospect News home > News index > List of issuers Tenders > Headlines for 2017 > News item
Published on 6/9/2017 in the Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Indonesia’s Bumi offers to exchange 12% notes due 2016, 10¾% notes

By Susanna Moon

Chicago, June 9 – PT Bumi Resources Tbk. subsidiary Bumi Capital Pte. Ltd. is offering to exchange its $300 million of 12% guaranteed senior secured notes due 2016.

In a separate offer, Bumi Investment Pte. Ltd. is proposing to exchange its $700 million of 10¾% guaranteed senior secured notes due 2017.

The exchange offers began June 8 and will run until 11 a.m. ET on July 21.

In exchange, the issuer is offering the following options:

• Loans in equal parts under tranche A and tranche B of the senior facilities agreement to be entered into with Bank of China Ltd., Jakarta Branch as facility agent and Bank of New York Mellon as the offshore security agent; and

• Notes in equal parts as series A and series B guaranteed senior secured notes due 2022 to be issued by Eterna Capital Pte. Ltd. and guaranteed by the company, with mandatory convertible bonds due 2024 to be issued by Innovate Capital Pte. Ltd.; contingent value rights due 2022 to be issued by the company; and common shares in the capital of the company.

The exchange is mandated by the court under the terms of the composition agreement, according to two separate notices.

As announced March 22, Bumi Investment Pte. Ltd. asked the U.S. Bankruptcy Court of the Southern District of New York to close its Chapter 15 cases.

The company’s bankruptcy case also includes PT Bumi Resources Tbk. subsidiaries Bumi Capital Pte. Ltd. and Enercoal Resources Pte. Ltd. Bumi Resources also owns a 100% interest in Bumi Investment.

Bumi Resources is a coal and mineral mining company based in Jakarta, Indonesia. The subsidiaries’ Chapter 15 case number is 14-13296. It began the Chapter 15 cases on Dec. 1, 2014.


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