PT Berlian Laju Tanker Tbk says it has entered into agreements with several investors in relation to the sale of all of its holdings of Zero Coupon Guaranteed Convertible Bonds due 2012 issued by BLT Finance B.V., a wholly owned subsidiary of BLT.

The aggregate principal amount of bonds sold by BLT Finance is US$48.8 million ($63.6 million). In conjunction with the sale, BLT intends to amend certain of the terms of the bonds, including extending their maturity date from 2012 to 2015 and increasing the interest rate to 12% per annum.

In addition, the bonds will be convertible only into shares of BLT listed on the Indonesia Stock Exchange. BLT expects to amend the terms of the bonds by entering into a supplemental trust deed to the trust deed governing the bonds as soon as it has received the requisite consent for the proposed amendments from bondholders.

BLT will announce the completion of the sale of the bonds and the execution of the supplemental trust deed promptly upon such completion and such execution. The bonds are listed on the SGX.