CIC invests $1.9 billion in Bumi debt

China's sovereign wealth fund will buy $1.9 billion of high-yield debt in Indonesian coal miner Bumi Resources.

Chinese sovereign wealth fund China Investment Corporation CIC will invest $1.9 billion in high-yield debt issued by Indonesian miner Bumi Resources.

In a stock exchange filing yesterday, Bumi referred to the investment as a debt-like instrument. Of the $1.9 billion invested, $600 million is repayable in year four, $600 million in year five and the remaining $700 million in year six. Bumi will pay CIC a coupon of 12% annually plus an amount at final maturity such...

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