By George Smith Alexander
Sept. 25 (Bloomberg) -- Axis Bank’s Hong Kong branch gave
the loan to Indonesia’s PT Bumi Resources, according to two
officials from the Indian bank, asking not to be identified
citing confidentiality rules.
* Proceeds from Bumi’s coal sales are controlled by group of
lenders and debt is serviced after paying for operating
expenses of the company, Axis officials say
* Bumi has also pledged its shares in its mining companies for
the loans, Axis officials say
* Bumi is paying Axis Bank 5.5% plus Libor, according to the
Indonesian company’s annual report
* Interest is payable in 20 quarterly instalments: Bumi annual
report
* Bumi Resources spokesman Dileep Srivastava didn’t respond to
a call to his mobile phone and an e-mail
* On Aug. 4, 2011, Bumi Resources entered into credit
agreement with Axis Bank for credit facility of US$200 mln:
Bumi’s annual report
--
CA. Rajesh Desai
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