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PT Bumi subsidiary, Enercoal Resources, closes $375 million of 9.25% Guaranteed Convertible Bonds in landmark placement

August 2009

Client(s) PT Bumi Resources Tbk

Jones Day advised Enercoal Resources Pte. Ltd, wholly owned subsidiary of PT Bumi Resources Tbk, the largest coal mining company in Indonesia, in connection with its private placement of $375 million of 5-year 9.25% guaranteed convertible bonds due 2014, sole placement agent Credit Suisse (Singapore) Limited.

Concurrent with the issuance and placement of the bonds, Enercoal entered into highly structured and complex equity swap and capped call transactions with an affiliate of Credit Suisse. The equity swap is a five year cash-settled equity swap on a portion of the Bumi Resources shares underlying the bonds, and the capped call is a cash-settled call spread transaction to effectively increase the conversion premium on the bonds.

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