IPO price may be set at Rp400, borrowed US$400mn from seven banks The shares of Berau Coal Energy, the holding company that controls Berau Coal, may be floated at the highest price range of between Rp300 and Rp400 per share following high local demand, local newspaper reported. There has been oversubscription of four times at the strike price (for local investors), citing Vicky Ganda Saputra, an official at Danatama Makmur, the securities company that underwrites the IPO of Berau Coal Energy. Separately, Bloomberg news reported that Berau Coal Energy borrowed US$400mn from seven banks to refinance debt, according to a person familiar with the matter. The facility comprises a US$300mn term loan with an average life of 2.65 years and a US$100mn term loan with an average life
of 4.5 years, the person said, asking not to be identified as the details are private. The US$300mn loan pays an all-in fee of 475 basis points more than the London interbank offered rate while the US$100mn loan pays 575 basis points, the person said. Credit Suisse Group AG led the transaction and contributing lenders included Bank of Tokyo-Mitsubishi UFJ Ltd., China Development Bank Corp., Erste Group Bank AG, WestLB AG, Indonesia Eximbank and ICICI Bank Ltd., the person said. – Bisnis Indonesia, Bloomberg
of 4.5 years, the person said, asking not to be identified as the details are private. The US$300mn loan pays an all-in fee of 475 basis points more than the London interbank offered rate while the US$100mn loan pays 575 basis points, the person said. Credit Suisse Group AG led the transaction and contributing lenders included Bank of Tokyo-Mitsubishi UFJ Ltd., China Development Bank Corp., Erste Group Bank AG, WestLB AG, Indonesia Eximbank and ICICI Bank Ltd., the person said. – Bisnis Indonesia, Bloomberg
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