In a bid to lengthen its maturity schedule and gear up its balance sheet for capex, Indonesia's third largest oil group PT Medco Energi has launched a consent solicitation and exchange offering for a $100 million issue due March 2007 and will begin presentations on Monday for a new $150 million to $200 million seven-year bond.
The exchange offering was launched on Thursday under the lead management of UBS Warburg and investors have until May 16 to signal their consent to changes in the covenants of the original deal, which the company feels are overly restrictive. In particular, Medco wants to remove restrictions on its ability to build up debt at its subsidiaries....
