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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$340 million as recourse debt.
Source: Stock Markets Review
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Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Minerals Council of Australia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
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