China Investment Corporation debt deal will provide stake in Kaltim Prima Coal
China Investment Corporation (CIC) will acquire 19% of Kaltim Prima Coal (KPC) for US$950 million as part of a re-financing deal with Bumi Resources (Bumi). The deal also provides CIC with a stake in some of Bumi's other subsidiaries. There are a number of interesting aspects to the deal including Indonesia's foreign investment laws and the financial viability of Bumi – one of the world's largest thermal coal exporters. The deal occurred because Bumi was unlikely to be able to make upcoming...