Insight
China Investment Corporation debt deal will provide stake in Kaltim Prima Coal
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Report summary
China Investment Corporation (CIC) will acquire 19% of Kaltim Prima Coal (KPC) for US$950 million as part of a re-financing deal with Bumi Resources (Bumi). The deal also provides CIC with a stake in some of Bumi's other subsidiaries. There are a number of interesting aspects to the deal including Indonesia's foreign investment laws and the financial viability of Bumi – one of the world's largest thermal coal exporters. The deal occurred because Bumi was unlikely to be able to make upcoming...
Table of contents
- Executive summary
- Deal summary
- Deal assets
- Deal analysis
-
Strategic Rationale and Risks
- Rationale
-
Risks
- Indonesian government
- Bumi shareholders
- Bumi debt holders
- Economic Assumptions
Tables and charts
This report includes 12 images and tables including:
- Key facts - coal
- Deal summary
- Pre-deal shareholding structure
- Post-deal shareholding structure
- Key coal mines
- Seaborne export thermal coal total cash cost curve 2013 (energy adjusted)
- Seaborne export thermal coal cash margin curve 2013
- Kaltim Prima Coal map
- Wood Mackenzie Kaltim Prima Coal valuation US$M (October 2013)
- Deal metrics - based on consideration of US$950M for 19% of Kaltim Prima Coal
- China Investment Corporation debt deal will provide stake in Kaltim Prima Coal: Table 6
- China Investment Corporation debt deal will provide stake in Kaltim Prima Coal: Table 7
What's included
This report contains:
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