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Senin, 13 Juni 2011

Vallar in $2bn bond move for Bumi Resources and CIC debt

By Anthony Deutsch in Jakarta

Vallar, the resources group founded by financier Nathaniel Rothschild, will issue $2bn (£1.2bn) in convertible bonds to buy a 75 per cent stake in Bumi Resources Minerals, the recently listed metal and minerals subsidiary owned by Indonesia's Bakrie family.

Vallar paid $3bn for majority holdings in the separate Bumi Resources, the largest coal mine in Indonesia, and Berau Coal Energy, the fifth-biggest producer since being created almost a year ago. It took on more than $3bn in debt, including a $1.9bn loan from China's CIC.

The Indonesian coal assets are being bundled into Bumi plc, with a premium listing on the London Stock Exchange, in what Mr Rothschild calls a regional coal champion poised to tap Chinese hunger for energy. Vallar will pay 850 rupiah (6p) per BRM share, a premium of 21 per cent over the average price of the past 30 days.

BRM listed in Jakarta last year and generates the bulk of profits from a 24 per cent stake in the Newmont gold mine. The transaction is subject to shareholder approval.

Analysts said the move appeared to fit into plans to pay down the CIC debt. The $2bn convertible bond was for about the same amount and could be used to repay CIC in Bumi plc shares. "That would be a huge relief," said one analyst who asked not to be named.

The CIC loan, with 19 per cent interest, has made it hard for Bumi Resources to raise capital and pressured its Indonesian-listed shares.

"If that's taken away, it's a big relief. They can expedite paying off their debt by swapping it with the Chinese and giving them an exit strategy. It also increases BRM's profile."

The acquisition will "augment its core focus on coal by adding a portfolio of base metals, iron ore and precious metals assets across multiple geographies", Vallar said. Vallar had increased its BRM stake through share swaps by equity holders, it said, but provided no details.

Officials had said the company intended to boost the holding to 54 per cent.

Vallar said it would publish a Bumi prospectus on April 28 before it delists and Bumi starts trading on May 10. But the deal has been on hold due to an unresolved issue about accounting of "exploration and development cost" at assets now under BRM. It said on Friday that the prospectus was expected at the end of June.

On Thursday, Mr Rothschild and ex-BP chief Tony Hayward aired plans to create another cash shell, Vallares, based on the Vallar model. They will seek to raise £1bn to purchase up to £8bn in oil and gas assets

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