Indonesia Bayan secures $300 mln syndicated loans-bank

JAKARTA, July 23 (Reuters) - Indonesian coal miner PT Bayan Resources has secured $300 million syndicated loans from nine banks to refinance its debts and fund its capital expenditure, ING (ING.AS), a lead arranger for the loan said on Wednesday.

ING Wholesale Banking, Standard Chartered Bank (STAN.L) and Sumitomo Mitsui Banking Corporation (8316.T) are the mandated lead arrangers and bookrunners for the debt.

"On 22nd July 2008 PT Bayan Resources announced that it has signed a syndication agreement to allow further lenders to join the US$300 million syndicated credit facilities," ING said in a statement.

ING said PT ANZ Panin Bank, Commerzbank Aktiengesellschaft, Credit Industriel et Commercial, Mizuho Corporate Bank, DZ Bank AG and PT Bank Mandiri Tbk (BMRI.JK) have joined the syndication.

Bayan Resources Tbk is set to raise as much as $695 billion by offering 25 percent of its enlarged and exsiting capital in an initial public offering this year.

Indonesia is the world's largest thermal coal exporter and miners have gained from strong demand from China and India and record high coal prices. (Reporting by Harry Suhartono, editing by Sugita Katyal)