Buma loan to fund quick bond buyback
Indonesian coal miner Bukit Makmur Mandiri Utama (Buma) has tapped the loan market for money to buy back one of its outstanding bonds, signing a $600m deal that it will use to redeem a $315m 11.75% 2014 bond just one year after it was priced.
The company will use the proceeds of the five year facility to repurchase the bond and refinance a $285m loan that together funded Bumas acquisition by Delta Dunia Makmur in October 2009. Delta is 40% owned by Northstar Pacific Partners, an Indonesian private equity fund linked to Texas
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