Medco to Issue $150 Million Bonds

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Monday, 13 June 2011 09:26

Theindonesiatoday.com - Oil and gas firm PT Medco Energi International Tbk (MEDC) announces on prospectus today it plans to issue bonds worth US$150 million within 2 years, mostly for repaying the matured debts.

Medco will offer US$50 million bonds for the first phase with tenor of five years. Book building for the bonds will start tomorrow (June 14) until June 23, 2011.

The offering is scheduled for July 1-4, 2011 while listing at stock exchange is set for July 8, 2011.

The Indonesia credit rating Pefindo has rated idAA- with negative outlook for Medco's bonds.

The company said 60% of the bond proceeds (US$90 million) will be used for repaying debts and the remainder (US$60 million) will be allocated for the working capital.

Medco said its first-issued medium term notes (MTN) phase 1 worth US$20.6 million will due in December 23, 2011, MTN phase 2 worth US$7.4 million will mature in February 3, 2012.

While the second-issued MTN worth US$40 million is scheduled to mature in March 22, 2012 and Medco's second-issued bond worth Rp513.5 billion will due in June 17, 2012.

As of December 2010, Medco's liability amounted US$1.46 billion. Its assets totaled US$2.28 billion. Medco booked net profit of US$83.06 million last year on revenue of US$929.85 million. (hans@theindonesiatoday.com)

Medco Energi International, MEDC, issue bonds

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