BLT Launches and Prices CBs Offering

BLT LAUNCHES AND PRICES OFFERING OF
US$100,000,000 12% GUARANTEED CONVERTIBLE BONDS DUE 2015


NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


PT Berlian Laju Tanker Tbk (“Company”) announces that it intends to issue, and has priced its private placement of, US$100 million 12% guaranteed convertible bonds due 2015 (“Convertible Bonds”). The Convertible Bonds will be placed with international professional and institutional investors outside of the United States (the “Private Placement”). The Joint Placement Agents for the Private Placement are J.P. Morgan Securities Ltd and RS Platou Markets AS.

The Convertible Bonds will be issued at 100 per cent of the principal amount and closing is expected to be on or around 10 February 2010 (“Closing Date”). The Convertible Bonds will have a maturity of five years and the holders will have the right to put on a date that falls three years after the Closing Date. The yield to put/maturity will be 12 per cent.

The initial Conversion Price of the Convertible Bonds is IDR 737 (with a fixed IDR/USD exchange rate of IDR 9,362/USD 1.00) and the conversion premium is 10 per cent above Reference Share Price (being the closing price on 02 February 2010 on the Indonesia Stock Exchange) at IDR 670. If the arithmetic average of the volume weighted average price of the Company’s shares for the period of 20 consecutive trading days preceding the date 6 months after the Closing date (“Reset Reference Price”) is less than the Conversion Price then in effect, the Conversion Price will be adjusted downwards to the Reset Reference Price, but in no event below 80% of the Conversion Price then in effect.

The Convertible Bonds will be exercisable at the option of the holders at any time from 41 days after the Closing Date until 10 days before maturity, and shall be convertible into ordinary shares listed on the Indonesia Stock Exchange in the capital of the Company.


The gross proceeds from the Private Placement will be used for, among others, investments in the expanding cabotage trade in Indonesia. BLT is positioned to benefit from the Company’s longstanding relationships with Pertamina and other oil and gas operators in Indonesia to capture additional contract business. The gross proceeds may also be used to repay or redeem existing debt, including outstanding convertible bonds guaranteed by the Company as well as general working capital purposes.

The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the `U.S. Securities Act`), or any state securities laws, and will not be offered to any person investing from or in the United States or to any person acting on behalf of or for the account of such persons. The securities are offered outside the United States in reliance on Regulation S under the U.S. Securities Act. This press release shall not constitute a public offer as defined in Indonesian Capital Market Law, Law No. 8 of 1995 or as an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisidiction in which such offer, solicitation or sale would be unlawful.

Further details of the transaction will be announced in due course when the offering closes.

By Order of the Board
Kevin Wong
Director
Singapore, 2 February 2010



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PT Berlian Laju Tanker Tbk
BLT was established in 1981 and is a leading worldwide seaborne liquid cargo transportation specialist and one of the largest chemical tanker operators in the world. The BLT fleet comprises chemical tankers (63 vessels + 10 newbuilds), oil tankers (14 vessels), gas tankers (13 vessels +4 newbuilds) and 1 FPSO. In 2008, BLT had total revenues of USDm 723, an operating profit of USDm 182 and assets totaling USDbn 2.4. BLT is listed on the Indonesian and Singapore Stock Exchange (IDX ticker: BLTA.JK and SGX ticker: PTBL.SI) The company is headquartered in Jakarta (Indonesia) with operational offices in Westport (USA), Singapore, Hong Kong and Glasgow (UK) supported by marketing offices globally.