PT Bakrie Telecom Tbk, CDMA operator, raise US$300 million loan from Industrial and Commercial Banking of China for capital expenditure funding. The loan in renmimbi denomination.
In April, has gained the trust from international investors in the issuance of a global bond worth US$250 million.The US$250 million global bond is a five-year bond with interest of 11.5 percent
The use of proceeds includes US$175 million to refinance existing debt, including a bridge loan for broadband wireless capital expenditure as much as US$ 45 million from Credit Suisse, Morgan Stanley and Bank of America Merril-Lynch, and US$ 14 million to the interest reserve account. The remaining funds will be used to fund capital expenditure for expansion into the broadband wireless, along with general corporate purposes.
The company post net profit soared to IDR29.05 billion in the first quarter from IDR5.73 billion a year earlier due to foreign exchange gains and lower operating costs.
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