Standard & Poor's Ratings Services today affirmed its 'BB-' rating on the US$300 million with 9.25% senior notes due Jan. 29, 2015. The notes issued by Listrindo Capital B.V., and unconditionally and irrevocably guaranteed by PT Cikarang Listrindo (BB-/Stable).
The notes' final terms include a partial amortization schedule whereby US$50 million will be paid on the anniversary date in 2013 and 2014, and the balance at maturity.
In addition, the proposed pledging of the intercompany loan between Signal Capital B.V. and PT Cikarang Listrindo has been removed.
However, the rating originally assigned to these notes was not affected by these changes, and has been affirmed on the finalization of the documentation, confirmation of amounts and terms, and a satisfactory review of the legal opinions.
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