By NNN-ANTARA,
Mumbai, India : Tata Power Company Ltd., part of the salt-to-software Tata group, said it has refinanced $850 million of the $950 million bridge loan, taken for the acquisition of 30 percent stakes in different Indonesian thermal coal producers.
In April 2007, PT Bumi Resources Tbk sold a 30 percent stake in its 95-percent-owned unit PT Kaltim Prima Coal, as well as a 30 percent interest wholly owned unit PT Arutmin Indonesia to Tata Power for $1.1 billion.
In a regulatory filing, Tata Power said the $950 million bridge loan had a tenor of 1 year, of which $850 million is being refinanced with long-term loans at “competitive pricing”.
The financing has been provided by a group of banks led by five mandated lead arrangers including Barclays Capital, Bank of India Ltd., ICICI Bank Ltd., State Bank of India Ltd., and Sumitomo Mitsui Banking Corp., company added.
It said it will evaluate the option of refinancing the balance of $100 million of the bridge loan at an appropriate time within the residual bridge loan tenor.