Tata Power Company has refinanced the bridge loan taken for the acquisition of 30% equity stakes in major Indonesian thermal coal producers, PT Kaltim Prima Coal and PT Arutmin Indonesia, as well as related trading companies owned by PT Bumi Resources Tbk. The company has successfully refinanced US$ 850 million out of a total of US$ 950 million bridge loan taken at the time of acquisition. The US$ 950 million bridge loan had a tenor of 1 year of which US$ 850 million is being refinanced with long-term loans. The refinancing consists of a non- recourse US$ 580 million facility and a US$ 270 million facility with recourse to the company. The company will evaluate the option of refinancing the balance US$ 100 million of the bridge loan at an appropriate time within the residual bridge loan tenor. The company made this announcement during the trading hours today, 29 April 2008.
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