MORE: Bumi Resources Bonds Fall After Moody’s Default Prediction

According to prices quoted by BNP Paribas SA. *Co.’s 10.75 percent notes due October 2017 fell 1 cent on the dollar, the most in almost two weeks, to 70 cents as of 1:36 p.m. in Hong Kong, BNP quotes show. *Co.’s 12 percent debt due November 2016 also fell 1 cent on the dollar to 70.5 cents, the prices show *Substantial upcoming debt maturities make near-term default a “high probability,” Moody’s wrote in an e-mailed statement yesterday *Restructuring agreement with China Investment Corp. for $1.3bn of debt viewed as a “distressed exchange” that will only provide short-term relief: statement *“After excluding CIC’s debt, Bumi Resources will need to refinance over $800 million of maturities over the next 12 months, a task which could prove challenging, given the current pressure on its operations due to low coal prices” and reduced cash flows: statement *Moody’s downgraded co.’s corporate family rating to Ca, it’s second-lowest junk grade, from Caa1, and lowered $1bn of securities to Ca: statement *Bumi Resources is Indonesia’s largest thermal coal producer and one of the three largest thermal coal exporters globally: statement NOTE: Bumi agreed to settle debt with CIC this month: FIFW NSN MUF6RS6TTDSC <GO>

To contact the reporter on this story: Rachel Evans in Hong Kong at revans43@bloomberg.net

To contact the editor responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net

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