Lead managers ING, Barclays and Goldman Sachs priced an upsized $300 million high yield bond issue for PT Indosat last night Tuesday. Together with a bank loan and domestic bond deal, the seven non-call five transaction brings to $973 million the total amount raised by the integrated telecom operator over the last two months.
This figure almost matches the Rp8.266 trillion $974.2 million debt level recorded by the company earlier this year, although roughly one third of the proceeds will be used for capex. The debt re-financing package also paves the way for the formal merger of Indosat with its two cellular subsidiaries Satelindo and IM3, which is expected to...
