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Thursday, June 10, 2010

Medco plans to issue a US$50 million MTN

BI/bursa
10/6/2010

Irvin Avriano A.
Bisnis Indonesia

Medco plans to issue a US$50 million MTN


JAKARTA: PT Medco Energi Internasional Tbk, a publicly listed energy and energy-construction company, intend to issue medium-term notes (MTN) III/2010 worth US$50 million.

This was revealed in research on PT Pemeringkat Efek Indonesia (Pefindo) published today. Medco MTN issue plan ratings set at the idAA- level .

The issuers will use the proceeds fund from the MTN issuance to restructure its debt (refinancing), investment, and working capital.

The research was also mentioned Pefindo give the same rank, at idAA- level, for outstanding Medco bonds and MTN .

Indonesia Stock Exchange data shows the issuer still has II/2009 bonds A tranches worth IDR513.5 billion which will mature in 2012, the B tranches amounting to IDR986.5 billion which will mature in 2014.

In addition, the company also still has MTN I/2009 series worth US$42.1 million and MTN II/2010 series worth US$57.9 million.

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