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PT Toba Bara to issue USD 250 million notes

Coal News - Published on Fri, 29 Dec 2017

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The Jakarta Post reported that publicly listed coal miner PT Toba Bara Sejahtra has announced plans to issue medium-term notes worth USD 250 million in order to refinance its debts and further expand its businesses. The notes, which will be listed in the Singapore Exchange, will mature in five years with a maximum interest rate of 10 % per year.

Toba Bara will seek approval from its shareholders during an extraordinary shareholders meeting in Jakarta on Jan. 31, 2018.

Toba Bara said in a prospectus published on the Indonesia Stock Exchange website that “Proceeds from the notes will be used to restructure the company’s debts from [state lender] Bank Mandiri.”

Toba Bara added that “The notes issuance will also increase the company’s ability to expand its businesses, including through investment in its own electricity projects, as well as in other mining companies and power plant projects.”

As of September, Toba Bara’s total liabilities stood at USD 135.5 million, up 22.5 % annually. The liabilities included loans worth USD 38.17 million from Bank Mandiri.

The company mined 3.7 million tonnes of coal between January and September, or 61.6 to 74 % of its full-year target of producing 5 to 6 million tonnes.

Toba Bara saw its revenues increase by 9.9 % annually to USD 211.25 million, thanks to a recent hike in global coal prices. Meanwhile, its net profit skyrocketed to USD 15.85 million from only USD 1.73 million in the same period last year.

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Posted By : Nanda Koijam on Fri, 29 Dec 2017
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