Indonesian firm target Chembulk
Indonesia-based Berlian Laju Tanker said it plans to acquire Westport, Conn.-based chemical tanker company Chembulk LLC for $850 million.
According to the bond rating agency Fitch, the acquisition will be funded mainly by new debt of $750 million. Fitch adds that Berlian Laju plans to cut post-acquisition debt via new equity and disposal of some assets.
Chembulk, which has a fleet of 20 chemical tankers, was formed earlier this year when Bob Burke and the New York investment bank AMA Capital Partners’ ACP Fund II acquired assets from the firm MT Maritime Management.
Indonesian firm target Chembulk
