Enercoal calls its zero-coupon convertibles

By Susanna Moon

Chicago, March 18 - Enercoal Resources Pte. Ltd. said it will redeem its remaining $300 million zero-coupon guaranteed convertible bonds due June 22, 2012.

The redemption date is April 16.

As of March 17, $24.2 million principal amount of the bonds was outstanding. The company issued $300 million of the convertibles on June 28, 2007.

Enercoal said it will pay an early redemption price of $106,743.97 for each $100,000 principal amount of the bonds.

The conversion price is Rp 2,284 per share. PT Bumi Resources Tbk. shares (Jakarta: BUMI) closed at Rp 5,900 per share on March 14.

Enercoal is a subsidiary of Bumi Resources, an oil and coal mining company based in Jakarta, Indonesia.

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