PT Cikarang Listrindo through its subsidiary firm Listrindo Capital B.V. change the bond issuance structure as from the secured into unsecured one.
The action is taken along with the note given by the corporate tax advisor.
Cikarang Listrindo has been organizing roadshow to offer US$300 million bonds issued through the Listrindo Capital B.V. assisted by Barclays Capital and Credit Suisse.
Most fund generated from the five years tenured bond issuance will be allotted by Cikarang Listrindo to pay bank loan, expansion program support, power plant capacity, and corporate general affairs.
Moody's Investors Service considered the bond rating of Listrindo Capital B.V. on the provisional level of (P)Ba2 does not affect the policy with stable prospect.
Head analyst of Moodys for Cikarang Listrindo Jennifer Wong said expects to remove the (P)Ba2 rating for the senior unsecured notes from its provisional status upon completion of the issuance.
The action is taken along with the note given by the corporate tax advisor.
Cikarang Listrindo has been organizing roadshow to offer US$300 million bonds issued through the Listrindo Capital B.V. assisted by Barclays Capital and Credit Suisse.
Most fund generated from the five years tenured bond issuance will be allotted by Cikarang Listrindo to pay bank loan, expansion program support, power plant capacity, and corporate general affairs.
Moody's Investors Service considered the bond rating of Listrindo Capital B.V. on the provisional level of (P)Ba2 does not affect the policy with stable prospect.
Head analyst of Moodys for Cikarang Listrindo Jennifer Wong said expects to remove the (P)Ba2 rating for the senior unsecured notes from its provisional status upon completion of the issuance.
"Formerly the bond is guaranteed on the basis of group internal loan of the Signal Capital to Cikarang Listrindo," he said last week.
Despite the change of structure, the bond issuance is continued with the unconditional guarantee and could barely be retracted by Cikarang Listrindo. "The notes were originally secured by a first priority lien on theintercompany loan from Signal Capital to Cikarang Listrindo."
Despite the change of structure, the bond issuance is continued with the unconditional guarantee and could barely be retracted by Cikarang Listrindo. "The notes were originally secured by a first priority lien on theintercompany loan from Signal Capital to Cikarang Listrindo."
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