PEFINDO affirms rating for Medco's bonds

(December 14, 2022)--PEFINDO has affirmed its idAA- rating for PT Medco Energi Internasional Tbk’s (MEDC) Shelf-Registered Bond III Phase I Year 2018 Seri B of IDR217.5 billion due on March 29, 2023. The Company will repay its maturing bond using proceeds from the issuance of Shelf-Registered Bond IV Phase III Year 2022 that has been secured in an escrow account.

As of September 30, 2022, MEDC had cash and cash equivalent of USD526.7 million.

MEDC is a publicly listed, integrated energy and natural resources company, with three main businesses in its core business of oil and gas exploration and production (E&P) activities in Indonesia, the Middle East, North Africa, and Southeast Asia; power generation; and mining. 87.7% of its revenue was generated from oil and gas in the first nine months of 2022 (9M2022), followed by the power business at 4.8%, trading 7.1%, and others 0.4%.

At the end of September 2022, its shareholders consisted of PT Medco Daya Abadi Lestari (51.72%), Diamond Bridge Pte Ltd (21.56%), PT Kalibiru Lestari Bersama (2.64%), PT Medco Duta (0.12%), management (0.68%), and the public (23.28%). (ends)