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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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- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- The University of Queensland
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
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