Bumi to redeem $375 mln in convertible bonds

Bumi Resources , Asia's biggest thermal coal exporter, plans to redeem $375 million in convertible bonds in August as part of attempts to make early repayment on a total of $1 billion in debt this year, a Bumi director said on Friday.

Dileep Srivastava told Reuters that that the bonds would normally mature in August 2014.
Srivastava also said the firm's priority was to repay a first tranche of $600 million this October out of a total $1.9 billion in debt it owes China Investment Corp.

"It's two years early and we'll save two years of 19 percent of IRR, sourcing mainly from strong internal cash flows," he added. Source: Reuters