Indonesia’s Bumi extends offers to exchange 12% notes, 10¾% notes

New York, July 21 – PT Bumi Resources Tbk. extended the exchange offers being carried out by two of its subsidiaries.

The new expiration is 11 a.m. ET on Aug. 4, pushed back from 11 a.m. ET on July 21, according to notices from the company.

Bumi said the extension is to allow holders more time to submit their instructions.

The exchange is made up of two separate offers, one by Bumi Capital Pte. Ltd. for its $300 million of 12% guaranteed senior secured notes due 2016, the other by Bumi Investment Pte. Ltd. for its $700 million of 10¾% guaranteed senior secured notes due 2017.

The exchange offers began on June 8.

In exchange, the issuer is offering the following options:

• Loans in equal parts under tranche A and tranche B of the senior facilities agreement to be entered into with Bank of China Ltd., Jakarta Branch as facility agent and Bank of New York Mellon as the offshore security agent; and

• Notes in equal parts as series A and series B guaranteed senior secured notes due 2022 to be issued by Eterna Capital Pte. Ltd. and guaranteed by the company, with mandatory convertible bonds due 2024 to be issued by Innovate Capital Pte. Ltd.; contingent value rights due 2022 to be issued by the company; and common shares in the capital of the company.

The exchange is mandated by the court under the terms of the composition agreement.

Bumi Resources is a coal and mineral mining company based in Jakarta, Indonesia. The subsidiaries’ Chapter 15 case number is 14-13296. It began the Chapter 15 cases on Dec. 1, 2014.

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