12th Aug 2014 10:20
LONDON (Alliance News) - Asia Resource Minerals PLC Tuesday said a planned USD450 million placing by Berau Capital Resources II Pte Ltd has been postponed due to adverse market conditions.
The proceeds from the issue of guaranteed senior secure notes, due 2019, had been to redeem the USD450 million in outstanding notes due July 8, 2015. Berau Capital Resources II is a unit of PT Berau Coal Energy Tbk, a subsidiary of Asia Resource Minerals.
Asia Resource Minerals and PT Berau Coal Energy Tbk will proceed with the refinancing plans when market conditions improve, the company said.
Asia Resource Minerals shares were down 5.7% to 61.75 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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