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Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
.jpg) Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira Investments Limited and Bhivpuri Investments Limited Coal Special Purpose Vehicles (SPVs) through shares with differential rights to be issued to Olympus Capital Holdings Asia (Olympus Capital). Tata Power holds its interest in the KPC and Arutmin coal mines in Indonesia through these SPVs.
Taking current position of debt and cash in coal SPVs, the post money shareholding of Olympus Capital may be in the range of 14-15% for an investment of US$300 million.
The investment is subject to certain regulatory and lender approvals. The instrument will be in the form of differential rights (Class B) shares with no dividend rights which are the subject of a capital protection arrangement at the end of five years from the date of closing the transaction, unless converted. These Class B shares are fully convertible into ordinary shares through the end of the fifth year from the date of closing at the option of the holders of the Class B shares. The capital protection arrangement could be serviced either from Tata Power or the coal SPVs.
These funds could also be utilized to secure further long term coal supplies by investing in coal mines or to reduce the outstanding debt in the SPVs.
Mr. Prasad Menon, Managing Director, Tata Power said, “We are excited about this strategic partnership with Olympus Capital which we hope to expand into other areas of common interest given their on-the-ground presence throughout Asia and expertise in the energy and power sector This long term, flexible financing enhances our ability to achieve our strategic goals of securing sustainable sources of supply for our rapidly growing power generation base. Added Mr. S Ramakrishnan, Executive Director (Finance) “Olympus Capital approached us with this transaction idea last year; through this volatile period, we were able to adapt the structure and valuation to current market conditions in a manner that met each of our objectives.”
Mr. Daniel R. Mintz, Founding Managing Director, Olympus Capital, said “We are very pleased to partner with Tata Power in their Coal SPVs. We look forward to working with Tata Power to identify high quality projects to supply their growing resource requirements and also, given our experience in the power and energy sectors, to exploring additional opportunities to work together in other aspects of Tata Power’s business.”
Background on Tata Power’s Investment in Coal SPVs: In June 2007, the Company acquired 30% stake in Indonesian coal mines, KPC and Arutmin, with US$1,225 million which was funded as follows:
· A bridge loan of US$950 million borrowed by Tata Power (Cyprus) Ltd. [now named Bhivpuri Investments Limited (Bhivpuri)] fully guaranteed by the Company.
· US$273 million as shareholder loan from the Company to Tata Power (Mauritius) Ltd. [now named Bhira Investments Limited (Bhira)].
· US$1 million equity in each of Bhivpuri and Bhira.
The bridge loan was subsequently refinanced and the current outstanding debt is US$335 million as non-recourse and US$340 million as recourse debt.
Source: Stock Markets Review
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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
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- Anglo American - United Kingdom
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- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
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- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
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- South Luzon Thermal Energy Corporation
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- Thiess Contractors Indonesia
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- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- The University of Queensland
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- Parry Sugars Refinery, India
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- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
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- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
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- Goldman Sachs - Singapore
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- Mjunction Services Limited - India
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- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
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