Indonesia's Bumi Resources Jumps 7% on Debt Indenture Nod
Women walk in front of the Bakrie Tower in the Jakarta business district on March 28, 2011. (Reuters Photo/Enny Nuraheni)
Shares of Indonesia's Bumi Resources, Asia's top thermal coal exporter, rose as much as 7.3 percent on Friday after the company received bondholders' consent to change its debt indentures.
On Thursday evening, Bumi received consent from 84.38 percent of bondholders on the $300 million, 2016 notes and consent from 89.68 percent of bondholders on the $700 million 2017 notes. Deutsche Bank handled the agreement.
Last month, the Bakrie group-controlled coal miner said it was confident that shareholders would also approve a $1.3 billion debt-for-equity swap deal with China sovereign wealth fund CIC, which it said would cut interest costs by $216 million.
Bumi shares traded at 285 rupiah at 0235 GMT, or up 3.6 percent. They touched a high of 295 rupiah earlier. The miner's stock had lost more than a third of its value since its peak in February. The broader index was down 0.2 percent.
Reuters
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