Asia Resources agrees to Berau notes principal repayment allocation

By Caroline Salls

Pittsburgh, March 19 – Asia Resource Minerals plc reached an agreement in principle with an informal noteholder group outlining the allocation of principal repayment between the 12½% guaranteed senior secured notes due 2015 issued by Berau Capital Resources Pte. Ltd. and the 7¼% guaranteed senior secured notes due 2017 issued by PT Berau Coal Energy Tbk. if a recapitalization is completed.

According to a news release, $62.47 million of the $118.75 million in principal repayment will be applied toward repayment of the 12½% notes and $56.28 million toward repayment of 7¼% notes.

To the extent that the Berau entities are able to obtain an up to $50 million commitment for a revolving credit facility, an additional $23.75 million will be applied toward repayment of either existing notes or new notes with a reduced coupon to be issued as part of the restructuring.

Asia Resource Minerals, formerly Bumi plc, is a thermal coal company based in London. Singapore’s Berau Capital Resources is a subsidiary of Berau Coal Energy Tbk., which is based in Jakarta.

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