A host of international and local firms have completed the first Indonesian cross-border securitisation since 1997.

Local firm Ali Budiardjo Negroho Reksodiputro and White & Case acted for BT Bumi, one of Indonesia's largest coal producers, on the US$600m securitisation of its mining units, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia.

Merrill Lynch is bankrolling the project, acting as the sole structuring advisor and bookrunner, and also joint lead manager with PT Danatama Makmur.

Indonesia firm Mochtar Karuwin Koma and Sidley Austin Brown & Wood acted for Merrill Lynch while Singapore firm Venture Law is the listing agent.

PT Bumi Resources has priced an international offering of US$600m for seven-year 7.134% structured notes for the securitisation of PT Bumi's mining units

PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia account for approximately 30% of Indonesia's coal production. This securitisation is part of an overall strategy by Bumi, devised by Merrill Lynch, to finance the future growth of its mining operations. It is thought this will include future expansion in China.

As the PT Bumi Resources deal is yet to be closed, White & Case declined to comment.