Charges on bonds convertible to PT Bumi shares will be capitalized

By Caroline Salls

Pittsburgh, May 8 – Innovate Capital Pte. Ltd. announced Wednesday that $3.44 million in finance charges accrued up to May 9 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.

According to a news release, the finance charges in question are payable for the period of April 9 up to but excluding May 9.

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 $2.56 million for the period of Oct. 15, 2018 up through but excluding Nov. 8, 2018 were capitalized and added to the principal amount of the bonds on May 8.

Since the bonds were issued on Dec. 11, 2017, Innovate said a total of $20.51 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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