Indosat offers to buy back dollar denominated bonds

24 Jul 2008

Indonesia’s second largest telecoms group by subscribers and revenues, PT Indosat, along with a number of its subsidiaries, has offered to buy back US dollar denominated bonds totalling USD550 million, Antara News reports. The move comes in the wake of Qtel’s recent acquisition of a 40.8% stake in the company from Singapore Technologies Telemedia (STT). In a statement, Indosat corporate executive Strasfiatri Auliana said Indosat, Indosat Finance Company and Indosat International Finance Company had offered to buy back their bonds maturing in 2010 and 2012. The 2010 bonds are valued at USD300 million with a coupon rate of 7.75% and others maturing in 2012 are USD250 million with a coupon rate of 7.125%. Goldman Sachs has been named as lead broker and HSBC as the financial advisor in the sale.

Indonesia, Indosat Ooredoo Hutchison (IOH)