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