PT Indosat Tbk plans to sell dollar bonds this year to refinance debt. Indosat is in the process of selecting underwriters for the bond sale.
Indosat bonds that will mature in October and November this year are those worth IDR640 billion and US$234.75 million or a total of IDR2.84 trillion, leading to a total capex and mature bonds of IDR9.28 trillion.
Indosat has to be aggressive in bolstering its networks quality and doing promos, leading to the need for huge capital expenditure to ensure the position will not be toppled by publicly listed PT XL Axiata Tbk, the Axiata Group Berhad-controlled operator.
Indosat share rose in Jakarta bourse trading after shareholders approved today a change to the company's board of directors. Indosat added 5.7 percent to 5,600 rupiah. Shareholders approved to replace Director Kaizad B. Heerjee whose term will expire on April 30.
Several investment banks invited as potential underwriters are Barclays Capital, Citi, Credit Suisse, Deutsche Bank, ING, JP Morgan Securities, Nomura Securities, RBS, and Standard Chartered Bank.
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