Indosat firms up funding plans

Plans to launch a high yield dollar bond via Merrill Lynch next month have been delayed slightly.

Volatile capital markets and the recent installation of new management has led to a review of how the company plans to fund the purchase of Deutsche Telekom's strategic stake in its cellular subsidiary Satelindo.

Indosat has until the end of September to settle the balance of a $325 million purchase price for the 25% stake, which will take it up to full ownership. So far, $65 million has beenĀ paid through internal cash, with the remainder secured via a promissory note, which falls due on September 30. Bank Mandiri hasĀ also extended a Rp1.5 trillion $169 million loan, but this is believed to fall due by the end of the year and...

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