Indonesian energy company PT Bumi Resources priced last Wednesday the country's first international securitization since the Asian Financial Crisis hit in 1997 (see ASR 6/13/04). Merrill Lynch acted as arranger and sole bookrunner on the $600 million deal, issued from the Indocoal Exports SPV and backed by future coal revenues generated by two Bumi subsidiaries, PT Kaltim Prima Coal and PT Arutmin.

After a week of roadshows in major U.S., European and Asian cities the seven-year notes - with a 3.1-year expected average life - priced at par with a 7.134% coupon, 350 basis points over three-year U.S. Treasurys. The transaction was rated BBB-' by Fitch Ratings.

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