PT MNC Sky Vision (MSV), Indonesia pay-TV leader proposed senior secured guaranteed notes due 2015, to be issued by Aerospace Satellite Corp. Holding BV, a special-purpose finance vehicle fully owned by MSV.
MSV plans to use US$95 million of the bond proceeds to finance the acquisition of the 10 S-band transponders on the SES-7 satellite, while an additional US$71 million will be used to upstream cash to its main shareholder PT Global Mediacom Tbk. The balance will be used to fund issue-related expenses.
Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to MSV. The outlook is positive. At the same time, Standard & Poor's assigned its 'B' issue rating on the proposed senior notes.
The notes are unconditionally and irrevocably guaranteed by MSV, PT Mediacitra Indostar, and Aerospace Satellite Corp. BV
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