Investors spurn Berau's 'too ambitious' coupon

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By Isabella Zhong
14 Aug 2014

Indonesia’s Berau Coal Energy (BCE) pulled a five year non call three deal this week that it brought to market on Monday. Despite feedback that its initial guidance was not generous enough, it decided against revising it — drawing criticism from bankers, writes Isabella Zhong.

The company postponed the $450m deal due to adverse market conditions, it said on Tuesday. “[BCE] intend to proceed with their refinancing plans when market conditions permit, and will update shareholders on its progress in due course,” it said. BCE was looking to use proceeds to refinance its ...

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