Bumi pays 12% for $300 million seven-year bond issue

Bumi Resources is the latest Indonesian coal miner to tap the dollar market, finding a gap through which to launch a high-yield bond late last week.

Bumi Resources took advantage of a barely open window late last week to raise $300 million through a seven-year deal. It was the fourth Indonesian coal miner to tap the dollar bond market in as many weeks, and Bumi was forced to pay a yield at the top of the range as investors began to take cover ahead of the year-end.

The deal, arranged by joint bookrunners Credit Suisse and Deutsche Bank, was priced late on Thursday November 5 New...

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