TJAJO & Partners, as the leading firm, representing PT Bumi Resources Tbk (BUMI), one of the largest thermal coal mining companies in Indonesia, in regards to its debt restructuring in the amount of USD.
And as part of the restructuring, there was (i) a component of debt-equity conversion and (ii) the issuance of Mandatory Convertible Bonds (MCB) through the Right Issue.
The transaction was quite complex given the structure of the debt-equity conversion, such as the distribution of shares to the creditors was through a custodian vehicle and the rule of creditors who may have not claimed their entitlement. In case of MCB, the structure of bonds was very unusual and complex, such as the multiple pricing on every year until maturity, very own denomination and the script-less form of bonds (MCB). This script-less form of bonds was the first in Indonesian market. Our firm role was to structure the rights issue, adaption of terms as agreed between BUMI and creditors into the Indonesian legal structure, and leasing with the relevant regulators, such to include the Indonesian Financial Services Authority (Otoritas Jasa Keuangan – OJK), the Indonesian Stock Exchange (IDX) and the Indonesian Central Securities Depository (Kustodian Sentral Efek Indonesia – KSEI) as well as with Indonesian Trustee