Tuesday, January 26, 2010

Star Energy issues dollar bonds

Star Energy Geothermal (Wayang Windu) Limited (SEG) proposed to issue dollar bonds. Last year, Star Energy is sounding to borrow US$350 million-US$400 million to build the 173 MW (megawatt) Wayang Windu Unit 3 geothermal-fired power plant in West Java to meet the target to develop 400 MW in electricity by 2014.
Wayang Windu geothermal-fired power plant, operated by Magma Nusantara Limited (MNL), a subsidiary of Star Energy Group, is part of the company's efforts to meet the target to develop 400 MW geothermal-fired power plants by 2014.
Star Energy is controlled by Prajogo Pangestu through Barito Pasifik (a 40% stake), London-based company Ashmore (a 30% stake), and individual shareholders (a 20% stake).
The company is also working on a 70 MW Jailolo geothermal working area, which is still at early exploration phase.
Fitch Ratings has today assigned SEG a long-term foreign currency Issuer Default Rating (IDR) and a senior secured rating of 'B+'. The outlook is Stable. Fitch has also assigned an expected rating of 'B+' and an expected recovery rating of RR4 to the proposed US$ senior secured notes.

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