PT Cikarang Listrindo hired Barclays Capital and Credit Suisse Group AG to help arrange a sale of five-year bonds denominated in US dollars.
Cikarang Listrindo plans to meet investors in Hong Kong, Singapore, London and the U.S. from tomorrow. Listrindo Capital BV will sell the notes and Cikarang Listrindo will guarantee the notes.
Moody's Investors Service has assigned a Ba2 corporate family rating to Cikarang Listrindo. At the same time, Moody's has assigned a provisional (P)Ba2 rating to the senior secured notes to be issued by Listrindo Capital B.V., and which will be unconditionally and irrevocably guaranteed by Cikarang Listrindo. The outlook on both ratings is stable.
Moody's expects to remove the (P)Ba2 rating for the senior secured notesfrom its provisional status upon completion of the issuance. The majority of the note proceeds will be used to repay existing bankloans and the remainder to fund the balance of Cikarang's capacityexpansion program and for general corporate purposes.
"Cikarang's ratings reflect its exclusive IPP license for providing electricity to a large and diversified base of industrial estate customers, its offtake agreement with PLN (Ba2/stable), as well as track records of solid demand growth and payment records from the industrial estate customer base, even during the Asian financial crisis in 1997 andthe more recent economic slowdown," says Jennifer Wong, Moody's lead analyst for the company, today.
No comments:
Post a Comment