bumi-resources-cb-raises-375-million

Bumi Resources CB raises $375 million

The first Indonesian CB this year meets sufficient demand to warrant the deal to be upsized to nearly double the original offering.

Coal miner PT Bumi Resources late Wednesday raised $375 million from Indonesia’s first convertible bond CB in 2009, which met with significant interest. The strong demand allowed the Indonesian coal miner to nearly double the size of the bond, from an initial offering of $200 million.
 
The five-year bonds were marketed with a coupon between 9% and 9.5%. It was fixed in the middle, at 9.25%, which is the largest coupon for an Asian CB so far this year. The CB also stands out because the coupon is payable on a monthly basis, rather than in the standard semi-annual installments. Since the bonds are both issued and redeemed at par, the coupon...

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