Indonesian coal miner Bumi Resources late last Thursday raised $300 million from its second convertible bond issue in less than four months. The first deal, a five-year offering with a two-year put, has traded well which no doubt helped bring investors into this trade too, although the second offering was not nearly as popular as the first, which was upsized to $375 million from an initial $200 million.
The fact that the company returned to the market so soon after the first issue, which was priced on July 29, would have caused some concern among investors, however. Not to mention that the company also raised $300 million from a seven-year high-yield bond earlier this month....
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