PT Medco Energi International Tbk will issue medium term notes US$100 million. The proceeds of MTN will be utilized for generate purpose including refinancing, investment or working capital. PT Pemeringkat Efek Indonesia also assigned idAA- rating for Medco proposed MTN.
Medco is the largest privately-owned independent oil and gas company in Indonesia, with the latest estimated proven (1P) crude oil reserves of 64 million barrel oil equivalent (mmboe) and natural gas of 25 mmboe from fields located in Sumatra, Kalimantan, Sulawesi, East Java, and United States.
The Company is also active in downstream (ethanol, LPG, distribution of high speed diesel) and power generation. Medco listed on Indonesia Stock Exchange with the latest ownership composition consisting of Encore Energy Pte. Ltd (50.7%), treasury shares (11.7%) and the public (37.6%). Encore Energy is owned by Panigoro family through Encore International (60.6%), and Mitsubishi Corp. (39.4%).
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