Saturday, November 29, 2008

Northstar After Debt WOLD

JAKARTA- Northstar Pacific Partners Ltd. will take over the largest debt of PT Bumi Resources Tbk (BUMI) from Oddickson Finance SA worth USD575 million.

This step is part of the decision of the establishment of strategic partnership between the parent and Northstar BUMI business, PT Bakrie & Brothers Tbk (BNBR). Consistent agreement of all parties concerned on Friday (28/11) night, 35% purchase scheme BUMI shares worth USD1, 3 billion by Northstar changed to the establishment of strategic partners.

President Director BNBR Nalinkant A Rathod says, develop a debt will be compensated with a number of shares BUMI. "We can not yet say how the number karenamasihdidiskusikan between us (BNBR) and Northstar," he said. Finance Director BNBR Yuanita Rohali explains, the remaining debt to the Bakrie nine kreditornya currently reached USD1, 226 billion has been dilindungnilaikan (hedging) on the exchange rate Rp9.200 per dollar the United States (U.S.).

Oddickson debt to USD968 million was borrowed in the form of rupiah.Lalu, debt to JPMorgan of USD72 million, ICICI Bank USD105 million (both in the form of dollars), and a number of holders of the repo (repurchase agreement) worth of local USD81, 5 million (in rupiah ). Yuanita said, because domestic currency weakened sharply recently to a range Rp12.000 per U.S. dollar, the value of debt berdenominasi rupiah automatically participate recede.

"If the use of dollars, the value is fixed," he said. With the exchange rate Rp12.000 per USD, Oddickson into debt to USD742 million and local reposekitar USD65 juta.Para local repo is the holder of PT Recapital Securities, PT Aldira, PNM Investment Management, Sarijaya Securities, Mandiri Securities, Securities and Dinar. In a public display material, Bakrie said it has menjaminkan BUMI 3.74 billion shares, 4.76 billion shares of PT Energi Mega Persada Tbk, and 3.79 billion shares Tbk, PT Bakrieland Development debts to obtain from Oddickson.

Of the total ownership of Bakrie in BUMI as 6.79 billion shares, the majority or 55% of the shares was pawned to Oddickson. Northstar, further Yuanita, promised to help settle the debt Oddickson of USD575 million and the rest between USD160-170 million paid by the Bakrie assets. "The rest have been settled within the meaning of a Oddickson assets," he said. JPMorgan against it, continued, Bakrie has been committed debt financing from a new Ancora signed several days ago.

While for ICICI Bank, he has revealed there is one private equity fund that is ready to pay. "The small end of the year is completed and actually all be resolved this year," he said. Thus, Nalinkant words, all the problems of debt Bakrie has been completed. The completion of the formation of a strategic partner with the Northstar will dirampungkan before the end of this year.

Nalinkant not explain the problems likely changes in the management body BUMI with the influx of Northstar as a strategic partner. He only emphasized, the agreement is mutually beneficial both parties.