Jan 24, 2011

Elnusa launches US$50 mio FRN

Integrated oil and gas services company PT Elnusa Tbk (ELSA) has entered into agreement to launch a US$50 million fixed rate notes (FRN) with annual interest rate of 8.98%.
In an official statement filed to Indonesia Stock Exchange (IDX) today, Elnusa Corporate Secretary Heru Samodra said the notes proceed will be used by Elnusa to fulfill capital expenditure and strengthen working capital.
Elnusa has mandated Oversea-Chinese Banking Corporation Limited and PT Northcliff Indonesia as joint lead managers and Bank of New York Mellon as fiscal agent.
About 90% of the proceed will be used by Elnusa as capital expenditure in a bid to jack up operational capacity and the remaining is aimed to strengthen working capital. Elnusa plans to spend US$100 million capital expenditure (capex), using the notes issuance.

Disclosure: No position at the stock mentioned above.

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