JAKARTA - Indonesian coal miner PT Bumi Resources Tbk said on Monday it plans to raise $300 million from the sale of seven-year convertible bonds.
The firm said in a statement to the stock exchange that the bonds, which will be issued by fully-owned unit Enercoal Resources Pte. Ltd., are expected to be issued at a 30 percent conversion premium.
The company intends to use the net proceeds of the offering for future acquisitions and investments in mining-related companies, to fund an equity swap transaction to be entered into with Credit Suisse, and for working capital, refinancing and general corporate purposes, Bumi said in the statement.
Credit Suisse was the sole bookrunner for the offering. The transaction is expected to close on Nov. 25. (Reporting by Tyagita Silka; Editing by Sara Webb)