PT Energi Mega Persada Tbk may delay bonds issuance. Standard & Poor's Ratings Services said today that it had placed its 'B-' corporate credit rating on Energi Mega on CreditWatch with negative implications.
S& P placed the rating on EMP on CreditWatch because the company's proposed issuance of US$275 million senior secured notes is taking longer than expected to close.
Energi Mega aims to refinance existing bank loans and resolve outstanding covenant compliance issues with the proposed issuance.
Energi Mega Persada shares gained on expectation the completion of a 10 percent purchase of an offshore gas block from Inpex Corp. will boost the company's earnings. Energi Mega's unit completed the transfer of a 10 percent stake in the Masela Block from Inpex.
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