Indosat mandates bond as PGN prepares to re-launch

Following the consolidation of its cellular subsidiary Satelindo, PT Indosat is preparing to re-finance over two thirds of its outstanding debt.

Late last week the company mandated ING and a group of local and international banks for a combined dollar and Rupiah bond issue, which it hopes to complete at the beginning of the fourth quarter. On the international side, ING - Indosat's advisor on its merger with Satelindo - will be joined by Goldman Sachs and Barclays.

Both of the latter two banks are close to Indosat's new owner, Singapore government owned ST Telemedia, which purchased a 42%...

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