Jun 12, 2011

Medco launches US$150 mio bonds

Oil and gas producer PT Medco Energi Internasional Tbk (MEDC), that is controlled by Panigoro family, aims to raise US$150 million from the bonds issuance within 2 years.
Under the new regulation of bonds issuance within several stages, Medco plans to issue a 5-year US$50 million of the first stage of bonds issuance.
Medco has appointed PT Bahana Securities as the only lead underwriter. The bonds offer, which has obtained idAA- from PT Pemeringkat Efek Indonesia, is scheduled on July 1- July 4 2011.
Medco will use 60% of the issuance or US$90 million to refinance existing debts and the remaining will be utilized as capital expenditure.
Medco has several debts which will due in 2011, 2012, and 2014:
Based on payment schedule:
*The first trance of medium term notes (MTN I) 2009 worth US$20.60 million with maturity on December 23 2011.
*The second trance of MTN I worth US$7.40 million with maturity on February 3 2012.
*A Series of MTN II worth US$40 million with maturity on March 22 2012.
*Medco's bond II of Rp513.50 billion with maturity on June 17 2012.
Based on buyback program: 
*Medco's bond II of B series worth Rp986.50 billion with maturity on June 14 2014.
*Medco's bond II of A series worth Rp513.50 billion with maturity on June 17 2012.

Disclosure: No position at the stock mentioned above.  

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