PT Indosat Tbk plans to use the proceeds from the 2020 Notes to fully repay its US$ notes due 2010 and USD notes due 2012, with a total outstanding principal amount of US$342.8m as at end-March 2010 (1QFY10). The remaining proceeds will be used to refinance part of its other indebtedness.
Fitch Ratings has today assigned a final BBB- rating to the 7.375% fixed-rate senior unsecured notes due 2020 (2020 Notes) to be issued by Indosat Company Palapa B.V. - a wholly owned subsidiary of PT Indosat Tbk (Indosat) - and guaranteed by Indosat.
Indosat's current ratings incorporate a three-notch uplift from its standalone rating of BB- to reflect a strong parent-weak subsidiary relationship with Qatar Telecom (Qtel; 'A+'/Stable), which has a 65% beneficial ownership in Indosat.
As the largest overseas investment of Qtel, Indosat accounted for 29% and 30% of Qtel's consolidated revenue and EBITDA in 1QFY10, respectively.
No comments:
Post a Comment