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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, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
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- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
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