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Renaissance capital will issue $700 MLN bonds to buy Kaltim prima coal and Arutmin.(Corporate News in Brief)
Indonesian Commercial Newsletter, June, 2006
PT Renaissance Capital, an Indonesian investment bank, said it plans to sell US$ 700 million of bonds to help finance the purchase of two coal mines after cancelling a plan to find partners for the acquisition. The zero-coupon bonds, convertible into shares, will be sold this month and mature in four years, said Samin Tan, president director of Jakarta-based Renaissance.
United Overseas Bank Ltd., Singapore's second-largest lender, is helping to sell the bonds. Renaissance in March agreed to pay PT Bumi Resources US$ 3.2 billion for its coal-mining units, PT Kaltim Prima Coal and PT Arutmin Indonesia, to benefit from surging prices for the fuel. Renaissance had talks with potential investors including Japan's Marubeni Corp. about investing in the mines. Of the...
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