| CPRO interest payment |
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| Written by Administrator |
| Thursday, 07 January 2010 02:36 |
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Fitch Ratings has not able to determine if PT Central Proteinaprima Tbk (CPRO) has paid the semi-annual coupon on its US$ notes which was due on December 28 2009.
The agency has not been able obtain any confirmation of this from CPRO, the trustee of the US$ notes or its advisors.
Fitch will downgrade the ratings by one notch if it determines that the coupon was not paid when it was due. Pending such confirmation, CPRO 'CC' Long-term foreign currency issuer default rating (IDR) and the 'CC' senior unsecured rating of CPRO's US$325 million senior unsecured notes due 2012, issued by Blue Ocean Resources Pte Ltd and guaranteed by CPRO and its subsidiaries remain on rating watch negative.
In June 28, 2007, Blue Ocean issued US$325 million guaranteed senior secured notes due 2012. The notes are guaranteed by CPRO and certain of its existing subsidiaries (as subsidiary guarantors) such as PT Centralwindu Sejati (CWS), 99% owned by CPRO), PT Central Pertiwi Bahari (CPB) (99%), PT Marindolab Pratama (MLP) (100%), and PT Central Panganpertiwi (CPgP) (99%).
The debts bear interest of 11% per year which is payable on June 28 and December 28 of each year, beginning on December 28, 2007. The notes will mature on June 28, 2012. The Issuer may redeem up to 35% of the notes at any time from the net proceeds of certain public equity offerings at a redemption price of 111% of their principal amount plus accrued and unpaid interest. The proceeds were utilized to repay Barclays loan of US$200 million and US$17.9 million was set aside in the interest reserve account to pay the first scheduled semiannual interest payment.
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