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S&P rates Berau notes BB-
Standard & Poor's said it assigned its BB- long-term issue rating to a proposed dollar issue of up to $450 million in senior secured notes by Berau Capital Resources II Pte. Ltd., a special purpose vehicle of PT Berau Coal Energy Tbk. (BB-/watch neg/--; axBB/watch neg).
Berau Energy and its main operating subsidiaries, including its main cash-generating subsidiary PT Berau Coal Indonesia, unconditionally and irrevocably guarantee the notes.
The rating is on CreditWatch with negative implications to reflect the rating on Berau Energy.
The notes are secured by first-priority liens on Berau Energy's debt and interest reserve accounts and the shares of the subsidiary guarantors, including PT Berau Coal. Berau Energy expects to use the proceeds from the proposed notes to repay $450 million of senior secured notes maturing in July 2015.
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