Indosat completes debt re-financing

Completion of a high yield bond, sees the Indonesian telco re-finance two thirds of its existing debt and raise funds for capex.

Lead managers ING, Barclays and Goldman Sachs priced an upsized $300 million high yield bond issue for PT Indosat last night Tuesday. Together with a bank loan and domestic bond deal, the seven non-call five transaction brings to $973 million the total amount raised by the integrated telecom operator over the last two months.

This figure almost matches the Rp8.266 trillion $974.2 million debt level recorded by the company earlier this year, although roughly one third of the proceeds will be used for capex. The debt re-financing package also paves the way for the formal merger of Indosat with its two cellular subsidiaries Satelindo and IM3, which is expected to...

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