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China Investment Corporation debt deal will provide stake in Kaltim Prima Coal

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18 October 2013

China Investment Corporation debt deal will provide stake in Kaltim Prima Coal

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
    • 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:

  • Document

    China Investment Corporation debt deal will provide stake in Kaltim Prima Coal

    PDF 561.27 KB

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