ING appointed for Indosat restructuring

The Dutch bank secures a key advisory mandate in Indonesia.

The board of Indonesian phone company Indosat has mandated ING to advise it on its forthcoming corporate restructuring. Indosat is made up of three distinct companies and brands - Indosat international fixed line, Satelindo cellular and IM3 cellular. The aim is to merge all three companies into one, under the brand of Indosat, focused on the mobile part of the market.

ING will advise Indosat on the financial aspects of the reorganization, including the restructuring of the companies' combined debt load. Indosat has $370 million in loans and local bonds, Satelindo has $360 million in loans and local and international bonds and IM3 has $170 million in mainly local...

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