Search This Bitch


Share |

Tuesday, April 12, 2011

Indika to issue 7 years dollar bond

Irvin Avriano A.

Indika to issue 7 years dollar bond

JAKARTA: PT Indika Energy Tbk (Indika), a Tripatra Group's listed company, is in a process to issue a US$300 million dollar denominated bond tenured 7 years.

The matter was explained in the Moody's Investor Service's analysis that reported the non-Indonesia credit rating company have upgrading the proposed bond's provisional rating from B2 level to B1 level. The outlook for the rating have been pegged at positive level.

The issuance will be done by Indo Energy Finance BV and guaranteed by Indika, PT Indika Inti Corpindo, Tripatra Group, and Indo Energy Capital BV.

"The upgrades reflects Indika's strong operating performance and improved financial metrics, driven primarily by dividends from PT Kideco Jaya Agung (an Indika's mining subsidiary)," said Moody's Vice President and Senior Analyst Simon Wong in the report.

He explain Kideco's dividend have allowed Indika to lower its leverage, as measured by adjusted debt/EBITDA to 2.5 times for the whole 2010.

The issuance plan already heard in the capital market participants. The issuer will assisted by Citigroup, Goldman Sachs, Standard Chartered Bank, and UBS Securities as its arranger.

The fund that will proceeded also been said will be used to financed Indika's PT Mitra Bahtera Segara Sejati Tbk previous acquisition and to refinance its existing bond, issued by Indo Energy Capital BV.

Previously, Indika have IPO-ed Mitra Bahtera, one of its affiliated tugs and barges operator company, worth IDR344 billion and dispose 215 million shares (only 12.5% stake), but the amount and its portion is too little for an ideal IPO. The IPO itself assisted by PT Mandiri Sekuritas and PT OSK Nusadana Securities Indonesia.

Rumors been said that the IPO is designated to ease Mitra Bahtera's plan to acquire another company, which easier and tax-cheaper for the already IPO entity. The other rumors also heared that it is only a way to make Indika can legalize the acquisition, that been held just after the IPO.

Officially, Indika acquire 51% of Mitra Bahtera stake or as much as 892.51 million shares in their very first day carrying a title as a listed company from PT Patin Resources, Patricia Pratiwi Suwati Prasatya, and Ingrid Ade Sundari Prasatya.

The transaction held at IDR1,629 price in the negotiation market, or worth IDR1.48 trillion, that also assisted by Mandiri Sekuritas and OSK Nusadana Securities.



Bisnis Online Free Automatic Backlink Investing Blogs - BlogCatalog Blog Directory