Bumi issues $700m to repay debt, converts loans to equity
Indonesia’s Bumi Resources sold a $700m seven non-call four bond at the end of last week, kicking off a plan to pay off short term debt with longer term borrowings only days before it converted $362m of debt into equity.
Credit Suisse, Deutsche Bank and JPMorgan managed the deal, which came at the end of a week of heavy issuance in Asia. They had sounded out investors with guidance of 10.75%-11%, and ended up pricing the issue at the tight end after getting strong demand.
The company will use
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