Adaro

PT Adaro Energy Tbk is an Indonesian integrated coal mining company and Indonesia’s second largest thermal coal producer after Bumi Resources. It operates the largest single-site coal mine in the southern hemisphere (Tabalong), and is a significant supplier to the global seaborne thermal coal market. The company’s coal is widely used throughout Europe, Asia and the Americas.

Adaro’s vision is to be the largest and most efficient integrated coal mining and energy company in South East Asia. The company and its subsidiaries currently deal in coal mining and trade, coal infrastructure and logistics, and mining contractor service. Each operating subsidiary is positioned as an independent and integrated profit centre.

The company operates under a Coal Cooperation Agreement with the Government of Indonesia which gives it the right to mine coal within its Agreement Area in the Tanjung district of South Kalimantan Province. The Agreement Area covers approximately 36,000 hectares and lies 15 kilometers due east of the provincial town of Tanjung. Additionally in October 2016, Adaro became the sole owner of the IndoMet Coal project after acquiring BHP’s 75% stake. IndoMet comprises seven Coal Contracts of Work which are located in Central and Eastern Kalimantan.

Loans

Institution Total aggregate debt (US$ million) Number of deals Most recent deal date
OCBC Bank $734 11 21/12/2015
DBS Bank $698 13 21/12/2015
Bank of Tokyo-Mitsubishi UFJ $661 11 21/12/2015
Sumitomo Mitsui Banking Corporation $641 12 21/12/2015
Bank Mandiri $420 8 21/12/2015
Standard Chartered Bank $401 9 25/08/2014
Australia and New Zealand Banking Group $326 9 25/08/2014
United Overseas Bank $319 11 21/12/2015
HSBC $270 8 21/12/2015
CIMB Group $214 5 21/12/2015
Mizuho Financial Group $111 6 21/12/2015
ABN Amro $93 2 7/10/2010
Citi $60 4 21/12/2015
NordLB $56 2 7/10/2010
Chinatrust Commercial Bank $53 4 29/05/2013
ING $45 1 25/08/2014
Credit Agricole $45 2 18/02/2011
Bangkok Bank $37 2 7/10/2010
CTBC Bank $37 3 21/12/2015
BNP Paribas $35 1 2/10/2009
Indonesia Eximbank $30 1 13/08/2008
Korea Development Bank $27 2 21/12/2015
Maybank $20 1 25/08/2014
Commerzbank $19 2 7/10/2010
Export Development Canada $15 1 29/05/2006
Bank Resona Perania $15 1 29/05/2006
Bank Lippo $14 2 7/10/2010
Societe Generale $10 1 18/02/2011
Total $5,405 15 21/12/2015

PLEASE NOTE: The US$ figures presented are the sum of lenders’ corporate loans to Adaro from 2006-2016. The ‘number of deals’ column indicates the number of deals (of a total of 15 transactions identified) in which a bank has been involved.

Information comes from Adaro’s annual reports, as well as other public and subscription-based information sources. Occasionally, where information is incomplete, assumptions must be made about data and these were made in a consistent manner and in good faith. Whilst we endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented. The intended use of 11 of the 15 identified deals included refinancing debt, whilst four had either an unspecified purpose or were primary loans.

Bonds

Institution Role
Goldman Sachs Joint Lead Manager
J.P. Morgan Chase Joint Lead Manager
CIMB Co-manager
Citigroup Co-manager
Standard Chartered Co-manager
Institution Role
Credit Suisse Joint Lead Arranger, Bookrunner
Deutsche Bank Joint Lead Arranger, Bookrunner
OCBC Joint Lead Arranger, Bookrunner
UBS Joint Lead Arranger, Bookrunner
DBS Bank Co-manager

Shareholders

Investor Ownership (%) Date
1. PT Adaro Strategic Investments 43.91 31 Mar 2016
2. Garibaldi Thohir 6.18 31 Mar 2016
3. Edwin Soeryadjaya 3.29 31 Mar 2016
4. Theodore Permadi Rachmat 2.26 31 Mar 2016
5. Dimensional Fund Advisors, L.P. 1.89 30 Jun 2016
6. Ir. Subianto 1.36 31 Mar 2016
7. The Vanguard Group, Inc. 1.15 31 Jul 2016
8. BlackRock Institutional Trust Company, N.A. 0.84 31 Aug 2016
9. PGGM Vermogensbeheer B.V. 0.50 31 Dec 2015
10. FIL Investment Management (Hong Kong) Limited 0.37 31 Jan 2015
11. Parametric Portfolio Associates LLC 0.35 30 Jun 2016
12. Mellon Capital Management Corporation 0.32 31 Jul 2016
13. Van Eck Associates Corporation 0.20 31 Aug 2016
14. APG Asset Management 0.18 31 Dec 2015
15. TIAA Global Asset Management 0.18 30 Jun 2016
16. State Street Global Advisors (UK) Ltd. 0.17 31 Jul 2016
17. Eastspring Investments (Singapore) Limited 0.15 30 Nov 2016
18. Fideuram Asset Management (Ireland) Limited 0.12 31 Jul 2016
19. St. James’s Place Wealth Management Group 0.12 31 Oct 2015
20. Fidelity Management & Research Company 0.11 31 Jul 2016

Structure

Source: Adaro 2015 Annual Report