Charges on bonds convertible to PT Bumi shares will be capitalized

Chicago, March 5 – Innovate Capital Pte. Ltd. announced that $3,409,726.88 in finance charges accrued from Feb. 7 to March 6 on bonds it issued that are mandatorily convertible into ordinary shares of PT Bumi Resources Tbk. will be capitalized and added to the principal amount of the bonds.

Under the terms of the bonds, to the extent that there are insufficient funds to pay the finance charges, those charges will be capitalized and added to the principal amount of the bonds on the date falling six calendar months from the finance charge payment date.

In addition, Innovate said finance charges of $3,623,923 for the period of Aug. 8, 2019 up through but excluding Sept. 9, 2019 will be capitalized and added to the principal amount of the bonds on March 9, according to a news release.

Since the bonds were issued on Dec. 11, 2017, Innovate said a total of about $21 million in finance charges are due and payable and yet to be capitalized.

PT Bumi Resources is a Jakarta, Indonesia-based mining company.

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