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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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Thursday, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Straits Asia Resources Limited - Singapore
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- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
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- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
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- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
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- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
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- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
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