18th Mar 2015 09:48
LONDON (Alliance News) - Asia Resource Minerals PLC on Wednesday outlined the details of its recapitalisation plan, which will see the company exchange existing loan notes and raise USD100 million in a share placing.
Asia Resource Minerals said that under the terms of the proposed notes exchange, the company will pay USD118.75 million to repay the outstanding amounts owed on the notes. This will be funded by a USD100 million share issue at 25 pence per share, alongside existing cash resources of PT Berau Coal Energy, an Asia Resource Minerals subsidiary.
The USD100 million issue is being underwritten by NR Holdings, a vehicle headed by Nat Rothschild, the financier who co-founded Asia Resource Minerals alongside the Indonesian Bakrie family.
The company then proposes exchanging the principal amounts owed on the 2015 and 2016 notes into new notes which will mature in July 2019 and December 2020.
It added it would repay a further USD23.75 million of the new notes following PR Berau Coal Energy securing a USD50 million revolving credit facility.
Asia Resource Minerals shares were down 2.8% to 16.28 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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