Bakrie & Brothers (BNBR) raised Rp9.38 trillion from private placement and mandatory convertible bond (MCB) issuance for the restructuring its swelling debts. BNBR issued MCBs valued at Rp8.83 trillion, as the 137.97 billion shares issuance tagged Rp64 per share. This will also dilute the company’s paid up and placed shares to around 85 percent. While, the private placement is valued Rp553.97 billion.
Before the private placement, Bakrie & Brothers paid up and placed shares amounted to 12.11 billion. It will increase to 20.77 billion after the corporate action.
It said, the new shares issuance will be absorbed by Bakrie & Brothers creditor, Fountain City Investment Ltd. and Daley Capital Ltd. BNBR holds Rp2.91 trillion debt to Fountain City Investment Ltd. and Rp100.39 billion debt to Daley Capital Ltd.
