Indonesia second largest operator cellular PT Indosat Tbk (ISAT) has mandated Citi, DBS Vickers, Deutsche Bank, HSBC, and RBS as lead underwriter and arranger US$750 million bond that will be unveiled during first half this year.
"Five foreign investment banks obtained a formal notification from Indosat by email or fax last night," a source familiar with the matter said to Insider Stories today.
Indosat, which booked 33.1 million subscribers last year, will use proceed from dollar denominated bond to bankroll capital expenditure and refinance debt due in October and November 2010.
The source said Indosat, that is majority controlled by Qatar Tekecom, is planning to set an aggressive expansion in a bid to maintain its second largest position in the cellular industry.Some foreign investment banks involved a beauty contest such as Barclays Capital, Citi, Credit Suisse, Deutsche Bank, ING, HSBC, JP Morgan Securities, Nomura Securities, RBS, dan Standard Chartered Bank.
"We got confirmation from Qatar Telecom that we are in black-out period. This is why we will announce it in early march," said Indosat President Director Harry Sasongko Tirtotjondro to Insider Stories.