JAKARTA Feb 3 Indonesian coal miner PT
Berau Coal Energy Tbk is planning to issue $500
million of bonds, at a interest rate of 9 percent, to refinance
its debt and fund capital expenditure, the firm said in a
statement on Friday.
Indonesian companies are readying themselves to jump into
the dollar bond market to take advantage of the foreign money
they expect to flood the country after Moody's was the second
ratings agency to upgrade the country to an investment grade
status last month.
Berau Coal will hold an extraordinary general meeting on
March 6 for shareholder approval for the notes, which will have
a maximum fixed interest rate of 9 percent and a semi-annual
Berau Coal, controlled by Indonesia-based private equity
firm Recapital Advisors, has not yet appointed a financial
advisor on the deal.
(Reporting by Andjarsari Paramaditha; Editing by Neil