May 10, 2012

Medco to issue US$450 million bonds

Oil and gas producer PT Medco Energi Internasional Tbk (MEDC), that is controlled by Panigoro family, aims to issue US$450 million bonds in several foreign currencies in a bid to fulfill working capital and refinance its debts.

Finance Director Syamsurizal Munaf, as quoted by Bisnis Indonesia today, said the company is exploring options to issue bonds in rupiah, US$, yuan, and Sin$ denominated starting from the second, third, and fourth quarters respectively.
For rupiah denominated bonds, Medco has mandated PT Mandiri Sekuritas, PT DBS Vickers Securities Indonesia, and PT Standard Chartered SEcurities Indonesia. For US$ bonds, Medco has picked PT Bahana Securities, while for Sin$ and yuan, the company is underway to hold beauty contest on UBS Securities, Credit Suisse, JPMorgan, DBS, and Standard Chartered Securities.
According to President Director Lukman Mahfoedz at Medco, the company's debt that will mature this year is about US$533 million.

Disclosure: No position at the stock mentioned above.

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