Nov 2, 2010

Energi Mega mandates Nomura

PT Energi Mega Persada Tbk (ENRG) has mandated Nomura Securities to advice and arrange US$275 million guaranteed senior secured notes to be issued by EMP International Holdings Pte Ltd.
A source close to the deal said Nomura will arrange the notes issuance by itself, without participating of Credit Suisse, a foreign investment bank which is close to Bakrie Group. 
Standard & Poor's Ratings Services (S&P) today assigned its B- issue rating to the proposed US$275 million guaranteed senior secured notes to be issued by EMP International Holdings Pte Ltd, EMP and some of its operating subsidiaries guarantee the notes, which mature in 2015.
In a press statement from S&P today, the rating agency also assigned B- for long-term corporate credit rating to PT Energi Mega Persada Tbk (EMP). The outlook is stable.
The rating on EMP reflects the company's highly leveraged financial risk profile, exposure to hydrocarbon price movements resulting from a cyclical industry and the company's limited integration, large investment requirements, and execution risk with its major projects.

Disclosure: No position at the stock mentioned above.  

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