Pefindo affirms “A-” rating to Apexindo’s bonds

Publicly listed drilling company PT Apexindo Pratama Duta Tbk said that Indonesian rating agency Pefindo had assigned “A-” ratings to its proposed Rp600 billion (US$ = Rp9,280) bond I/2005 as well as “A-(sy)” rating to proposed Rp150 billion Syariah Ijarah bond.

In a statement released Friday, Apexindo said it had submitted a registration statement of the bonds issuance to the Capital Market Supervisory Agency (Bapepam).

Apexindo said it would use proceeds of the five-year bonds to pay a bridging loan of US$30.6 million to Standard Chartered Bank, a US$17.6 million syndicated term loan to Fortis Bank of Singapore, and to partly pay its debt to Medco Energi Finance Overseas B.V.

Apexindo also said it had appointed PT Mandiri Sekuritas, PT Andalan Artha Advisindo Sekuritas and PT Standard Chartered Securities Indonesia as the underwriters.

Apexindo operates 11 land rigs and 5 offshore rigs, which consist of 4 swamp barge rigs and 1 jack-up rig. The company’s main customers include Total E&P Indonesie, Statoil, Unocal, and Vico.

Apexindo is a 77.53 percent owned subsidiary of oil publicly listed oil and gas firm PT Medco Energi Internasional Tbk. (Robert)