Medco issues $100m medium term notes

IDX-listed PT Medco Energi Internasional Tbk, through its subsidiary of Medco Energi Global Pte. Ltd., announced on Friday the issuance of Medium Term Notes (MTN) worth S$100 million on 14 May 2015 with a fixed coupon rate of 5.9 percent per year and a tenor of three years.

For the issuance, the company has appointed DBS Bank Ltd., Australia and New Zealand Banking Corporation Limited and Mitsubishi UFJ Securities (Singapore) Limited as its joint lead managers.

The issuance is part of an overall MTN program with the maximum amount of S$500 million. This MTN will strengthen the company?s financial fundamentals through an improved debt profile.

?This is the right moment for MedcoEnergi to re-access the international capital market for its corporate funding. The issuance demonstrates the Company?s strong credibility in obtaining the international market confidence and trust, particularly in the current low oil price environment. The Company will continue to prudently manage its financials to uphold this trust,? President Director and CEO Lukman Mahfoedz said.

Editing by Johannes Simbolon