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Bumi Resources (Bakrie Group)

Ownership
Structure
Loans
Bonds

PT Bumi Resources Tbk is an Indonesian holding company majority-owned by the Bakrie Group and primarily engaged in coal mining. It is Indonesia’s largest coal miner by production volume and boasts of being “the largest thermal coal exporter in the world.”

Its coal mining subsidiaries and associates include:

  • PT Kaltim Prima Coal
  • PT Arutmin Indonesia.

Bumi produces thermal coal from mines in several areas of Indonesia, such as Sangatta, Bengalon, Senakin, Satui, Mulia, Batulicin, Asam-asam, Kintap, Loa Ulung, Tabang, Muara Enim and Penukal Abab Lematang Ilir. Most of its coal is used as fuel for coal-fired power plants.

Bumi has two non-coal business segments:

  • minerals (operated by PT Bumi Resources Minerals Tbk)
  • oil & gas exploration (operated by Gallo Oil (Jersey) Ltd).

In May 2017, Bumi Resources completed a debt restructuring due defaults on some of its bonds and loans due in 2014, 2016 and 2017. Creditors and bondholders will receive a mix of new senior notes, mandatory convertible bonds, equity and contingent value rights. [See Daniel Stanton, International Financing Review, (20 May 2017) “Bumi workout nears finish line”]

Shareholders

Investor Ownership (%) Date
1. China Investment Corporation 22.67 31 Mar 2019
2.BlackRock Institutional Trust Company 1.20 30 Jun 2019
3. Ruffer (Asia Ltd.) 0.40 28 Feb 2019
4. BlackRock Financial Management 0.28 31 Mar 2019
5. Dimensional Fund Advisors 0.22 31 Mar 2019
6. BlackRock Asset Management Ireland Limited 0.18 30 Jun 2019
7. Van Eck Associates Corporation 0.16 30 Jun 2019
8. Northern Trust Investments 0.10 30 Jun 2019
9. Nuveen LLC 0.04 31 May 2019
10. BlackRock Advisors (UK) Limited 0.04 30 Jun 2019

Loans

Corporate loans since 2010
Institution Total Aggregate Debt (US$ millions)Number of DealsLatest Year of Deal
Credit Suisse36432014
China Development Bank33822012
Bank of China30012012
UBS30032012
Axis Bank20012011
Bank of America20012011
Barclays20012011
Deutsche17542011
JP Morgan Chase13022012
Castleford Investment Holdings11022013
ICICI10012010
WestLB8822011
Raiffeisen Bank International8012014
Bank of India5012010
Export-Import Bank of the United States1812010

Bonds

Jun 2007: $300m
Institution Role
Credit Suisse Underwriter
Oct 2007: $150m
Institution Role
Credit Suisse Underwriter
Aug 2009: $375m
Institution Role
Credit Suisse Placement Agent
Nov 2009: $300m
Institution Role
Credit Suisse Sole Manager
Nov 2009: $300m
Institution Role Amount (US$m)
Credit Suisse Joint Bookrunner 195
Deutsche Bank Joint Bookrunner 105
Sep 2010: $700m
Institution Role
Credit Suisse Joint Lead Arranger, Bookrunner
Deutsche Bank Joint Lead Arranger, Bookrunner
J P Morgan Joint Lead Arranger, Bookrunner
Dec 2017: $48m

No information available on bookrunner

DISCLAIMER

Please note the above information is from the companies’ available annual and financial reports (2010 to 2018) and websites, 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. While we endeavoured to gather and include all relevant deals, we cannot guarantee the completeness of the information presented.

INFORMATION UPDATED: 19 AUGUST 2019