northstar

The existing controlling shareholder looks to trim his stake to 5% as Delta Dunia moves ahead with the Buma acquisition that will transform it into a coal mining contractor under the control of private equity firm Northstar.

Indonesian mining contractor Buma pays 11.75% for a five-year issue and raises additional funding from a syndicated loan, while fellow Indonesian coal miner Indika prices its $230 million bond with a 9.75% coupon.

Bumi Resources, Bakrie's prized asset, sets out on a spending spree at New Year premium prices, and unsurprisingly causes confusion.