Indonesia’s PT Borneo Lumbung Energi, an affiliate of Renaissance Capital investment bank, has secured $2.8 billion in debt to help fund its acquisition of coal mines from local miner Bumi Resources.
In what appears to be the largest overseas borrowing by an Indonesian group since the Asian financial crisis, the debt facilities include $2.1 billion in senior and junior debt and $700 million in exchangeable debt.
Creditors and investors of Borneo are now in the process of finalising the settlement process and closing, the statement said. All the formalities related to drawdowndisbursement are expected to be executed by the end of this week.
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