Nov 11, 2010

Medco Energi to sell US$300 mio bonds

Oil and gas producer PT Medco Energi Internasional Tbk plans to issue bonds worth US$300 million in the first half of 2011 to refinance debts maturing next year.
Medco Director of Finance Cyril Nurhadi admitted said there is a debt due next year and must be repaid. "Besides, we also will use these funds to finance the development of Block A," he said.
Moreover, Medco will allocate capital expenditure (capex) amounting US$250 million. The funds will be mostly derived from the internal cash.
During the third quarter of 2010, Medco posted a net income of US$17.98 million or an increase of 18.44% from US$15.18 million at the same period last year.
The company's net income was generated from sales income of US$632.77 million or an increase of 31.21% compared to US$482.23 million at the same period last year.
The biggest revenue earned from the sales of oil and gas until the end of third quarter in 2010 reached US$411.42 million.
Disclosure: No position at the stock mentioned above.  

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