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Monday, 30 November 09
RECAPITAL TO ACQUIRE BERAU COAL
 Unlisted Indonesian coal producer Berau will redeem outstanding bonds before the acquisition by Recapital Advisers is completed by the end of this year.
Finance Asia reported that, Recapital Advisers, an Indonesia-based investment firm, on Friday entered into a definitive agreement to acquire a majority stake in Berau Coal, according to a source, beating several strategic buyers who had shown interest in the Indonesian coal producer.
On the same day, Berau sent out an irrevocable 30-day notice to its bondholders to redeem $225 million of outstanding fixed-rate bonds in a move that will see the company clean up its balance sheet before the new owners take over. The bonds, which were issued in December 2006, will be redeemed at 104.688% of face value, which is in accordance with the original terms.
No financial details were revealed with regard to the acquisition, but media have previously suggested that the deal may value Berau at at least $1.3 billion -- a number sources have acknowledged isn't far off. The deal is expected to be finalised by year-end.
Unlisted Berau is the fifth largest producer of thermal coal in Indonesia with contracts to develop three coal mine areas in East Kalimantan covering total concession areas of 118,400 hectares. It is currently 51%-owned by Indonesian individual Rizal Risjat through his investment firm Armadian Tritunggal. Dutch firm dan Rognar Holding owns 39%, while 10% is in the hands of Sojitz Corp, a listed Japanese trading and investment company. The three firms own Berau as a joint venture. Recapital will initially buy Armadian's 51% stake but is also expected to take over the minority stakes owned by its two partners.
The company has been up for sale for the best part of this year after it failed to go public last year. The company was marketing an initial public offering to investors in August 2008, but the listing was called off when risk appetite among investors deteriorated rapidly as the financial crisis gathered pace. Berau needs fresh capital to expand operations at its existing three mines. The company produced 13.2 million tonnes of coal in 2008 and aims to produce 15 million tonnes this year. It has earlier said that it plans to raise its annual production capacity to 20 million tonnes from 15 million tonnes today.
China's Huaneng Power, Indonesia's Indika Energy and Thailand's top coal miner Banpu are among the companies that are believed to have submitted bids for Berau, while mining giants Xstrata and Peabody Energy also showed interest early on.
The shareholders of Berau Coal are being advised on the sale by Bank of America Merrill Lynch, Deutsche Bank and PacBridge Capital Partners, an advisory firm run by former Merrill Lynch banker Sheldon Trainor. Recapital is advised by Credit Suisse.
Merrill (and Trainor) also arranged a $279 million buyout of Berau in August 2006 that cleaned up a messy ownership structure. The buyout saw Rizal Risjat, who previously held 9.3%, secure a majority stake in the company, while other owners were able to exit. The US investment bank was also mandated on last year's aborted IPO and acted as the sole bookrunner for the coal miner's $325 million dual-tranche bond in December 2006, which included the fixed-rate tranche that is now being redeemed.
The acquisition agreement comes at a time when there has been a lot of international interest in Indonesian coal companies. In September, Chinese sovereign wealth fund China Investment Corporation (CIC) invested $1.9 billion in high-yield debt issued by Indonesia's largest coal miner Bumi Resources. The investment is said to be accompanied by a plan for the two parties to cooperate on other acquisitions.
And, in early November, private equity firm Northstar Pacific Partners, which is backed by Texas-based TPG Capital and Government of Singapore Investment Corp among others, secured a 40% stake in the country's second largest coal mining contractor, Bukit Makmur Mandiri Utama, better known as Buma. The acquisition was done through Jakarta-listed shell-company Delta Dunia Makmur and involved a backdoor listing of Buma.
Source: Finance Asia
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Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
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- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
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