TEAR SHEET: ABM Investama Up to $400M 5Y Issuance Likely to Price 8.25%-9.25% Based on Comparables; Overpaying Risks For Prospective Coal M&A; Contract Services Est. Unit Economics Outlined, CapEx Upcycle Likely In 2-3yrs as ABM Guides Growth

Relevant Documents:
Tear Sheet on Reorg Analysis Page
2020 ABMM Annual Report
2020 ABMM Presentation
ABMM Q1’21 Financials (Limited Review)

PT ABM Investama Tbk (ABMM) - an integrated energy company with significant exposure to the thermal coal sector through contract mining services and coal mining - has obtained shareholders’ approval to issue an up to $400 million five-year note with a maximum coupon of 9.5%. In the event of a successful issuance, most of the net proceeds are likely to go...