PT Medco launches debt exchange and high yield bond

The Indonesian oil company launches a consent solicitation and exchange offering, as presentations kick off for a new high yield deal.

In a bid to lengthen its maturity schedule and gear up its balance sheet for capex, Indonesia's third largest oil group PT Medco Energi has launched a consent solicitation and exchange offering for a $100 million issue due March 2007 and will begin presentations on Monday for a new $150 million to $200 million seven-year bond.

The exchange offering was launched on Thursday under the lead management of UBS Warburg and investors have until May 16 to signal...

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