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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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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
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