Bumi Resources issues carbon copy CB

The coal miner raises $150 million from an upsized deal despite the volatile credit market and an outstanding CB that is cheaper.

IndonesiaƆs largest thermal coal producer, PT Bumi Resources, has raised $150 million from the sale of an upsized convertible bond that will make use of the remaining Treasury shares on its books and raise fresh cash to cover pre-mining development and exploration costs at four of its mining concessions.

The deal comes less than three months after the company completed a $300 million CB transaction and, given the current pressure on the credit markets, it seems the coal miner decided...

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