JAKARTA (TheInsiderStories) — Little by little, Indonesian miner PT Bumi Resources Tbk (IDX: BUMI) is installing its huge debts that burden company’s financial. Today (01/08), the Bakrie-owned mining company just paid the fourth installment of tranche A debt, valued US$52.06 million.
Last year, BUMI has paid $167.48 million Tranche A Principal and Coupon till date. The miner confirms having processed a third payment of $52.88 million, representing principal of $42.02 million and interest of $10.86 million for Tranche A.
Director of BUMI Dileep Srivastava said in a written statement today (01/08), with this third quarterly payment, the company has now paid a total $167.48 million in cash, consisting of Tranche A principal $91.07 million and interest of $76.41 million including accrued and back interest. The next settlement on Tranche A is due on Jan. 8, 2019.
He added, the coupons from April 11 till Oct. 15, 2018 on Tranches B and C are also being capitalized. The payment consists of $43.3 million principal and $8.76 million interest for tranche A .
By this quarterly payment, BUMI has paid US$219.54 million cash in total. It subsists of US$134.7 million principle and US$85.17 million interest, including accrued and back interest.
“The next settlement on Tranche A is due on April 8th,” said Srivastava by adding BUMI still has $380.46 million tranche A debt and $1.77 billion total. It is still a long way to go as the recent payment only 11.03 percent of the whole debts.
Not only installing the tranche A debt, Srivastava stated that BUMI is now capitalizing the coupon from April 11th, 2018 to January 8th, 2019 for tranches B and C.
Last year, BUMI made a deal with some of its creditors to solve company’s debts issue. In the agreement, BUMI must issue US$1.99 billion new shares as a new secured facility that consists of three tranches. The tranches A and B facilities valued $600 million respectively while trance C is $406.9 million.
In September 2018, BUMI holds $53.99 million short-term loans, unchanged from its position in the last of 2017. Meanwhile, it has $212.37 million capital deficiency.
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