Apexindo to issue Rp750 billion bonds
Thursday, December 16 2004 - 07:02 AM WIB
PT Apexindo Pratama Duta, a drilling unit of PT Medco Energi Internasional, plans to sell Rp750 billion (US$=Rp.9,200) of bonds in March to refinance higher-cost debt and for expansion, according to agency report.
"We want to restructure our capital" and "stretch out our payments," Finance Director Agustinus B. Lomboan said on Thursday. The Jakarta-based company plans to sell the five-year bonds to help pay off $60 million of dollar denominated debt.
Standard Chartered Plc, PT Mandiri Sekuritas and PT Andalan Artha Advisindo Sekuritas in Jakarta will arrange sale.
Apexindo was given A minus rating by Indonesian rating agency Pefindo.
Apexindo operates 11 land rigs and 5 offshore rigs, which consist of 4 swmp barge rigs and 1 jack-up rig.The company's offshore rigs are all fully utilized.(*)