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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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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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