Bayan Resources to Restructure USD 286.1 million debts Jakarta- Bayan Resources Tbk (BYAN) will restructure USD 286.1 million debts this year. That amount is the current portion of long term debt of C

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Bayan Resources to Restructure USD 286.1 million debts Jakarta- Bayan Resources Tbk (BYAN) will restructure USD 286.1 million debts this year. That amount is the current portion of long term debt of Club deal worth USD 573.6 million. Bayan Resources Management revealed that the company currently has USD 96.9 million cash, while principal loans maturing amount to US $ 286.1 million. The company anticipates insufficient cash to meet current debt obligations. “It indicates a material uncertainty in terms of the ability of the company to be able to maintain their business continuity,” said management in the final statements. Therefore, the company will restructure the loans of new club deal to defer the payment of principle debts in order to reflect the expected cash flows in the future. The management further said that the company’s net debt has exceeded to what is required to meet underwriting guidelines (requirement?). Therefore, Bayan management approved the commercial term sheet to restructure the company debts to the lenders. “The company anticipates that it will be completed within the next few months. It will allow the company to maintain its business continuity,” said management In 2012 Bayan received a USD 750 million term loan with an option to increase it to USD 950 million. It was the biggest transaction so far achieved by the company. The lenders are Sumitomo Mitsui Banking, ANZ, Bank Mandiri, HSBC, Standard Chartered Bank, JP Morgan and Natixis. The loans were used for expansion opportunities.

May 15, 2015 7:02 AM

Corrections · 2

Bayan Resources to Restructure USD $286.1 million in debts

Jakarta- Bayan Resources Tbk (BYAN) will restructure debts of USD $286.1 million debts this year. That amount is the current portion of the long term debt of for the Club deal worth USD $573.6 million.
Bayan Resources Management revealed that the company currently has USD $96.9 million in cash, while principal loans maturing amount to USD $286.1 million. The company anticipates insufficient cash to meet current debt obligations.
“It indicates a material uncertainty in terms of the ability of the company to be able to maintain their business continuity,” said management said in the final statements. Therefore, the company will restructure the loans of in a new Club deal to defer the payment of principle debts in order to reflct to be met by the expected future cash flows in the future.
The Management further said that the company’s net debt has exceeded to what is limits imposed by/required to meet underwriting guidelines (requirement?). Therefore, Bayan management approved the commercial term sheet to restructure the company debts to with the lenders.
“The company anticipates that it will be completed within the next few months. It will allow the company to maintain its business continuity,” said management
In 2012 Bayan received a USD $750 million term loan with an option to increase it to USD$ 950 million. It was the biggest transaction so far achieved executed/completed by the company.
The lenders are Sumitomo Mitsui Banking, ANZ, Bank Mandiri, HSBC, Standard Chartered Bank, JP Morgan and Natixis. The loans were used for expansion opportunities.