Ann: Court rules in favour of White Energy, page-2

JAKARTA, NETRALNEWS.COM - The coal mining issuer listed on the Indonesia Stock Exchange (IDX), PT Bayan Resources Tbk (BYAN) is preparing to issue a maximum of $600 million worth Notes. Using the Bank Indonesia's median rate as of December 31, 2016, the notes issuance is valued approximately IDR8.061 trillion. Bayan Management in a public expose, Monday (8/21/2017) stated, the Notes will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST). "The issuance of the Notes will be secured with corporate guarantee and/or other guarantees with the Company and its Guarantor Subsidiaries," said Bayan Resources Management. The proceeds from the issuance of Notes will be used for refinancing of the company's debt as well as working capital and other corporate purposes from the Company and its Subsidiaries. The maximum payment is due for seven years since the issuance of Notes, i.e., in 2024. Whereas, the maximum interest coupon to be offered is 10 percent per annum.
Bayan's subsidiaries which will provide the company's guarantee are including PT Dermaga Perkasapratama, PT Indonesia Pratama, PT Bayan Energy and PT Fajar Sakti Prima. This transaction plan is classified as a material transaction because it is equivalent to 318.9 percent of the total equity of the company and requires approval from the shareholders. The Company will request shareholder approval in the Extraordinary General Meeting of Shareholders to be held on Wednesday, August 23, 2017, in Jakarta.