Bond Issuance

Medco to Issue US$85.9 M Bonds

VIVAnews - PT Medco Energi Internasional Tbk (MEDC) is planning to issue bonds valuing minimally Rp 1 trillion (US$85.9 million) on the first semester of 2009. The fund will be allocated for repaying bond debts amounting to Rp 1.32 trillion (US$113.4 million) which will fall due in July 2009.

"We will use the 2008 financial report so that the bonds may be issued before July 2009," said Medco Energi Internasional Director of Finance, Cyril Nurhadi, during a press conference at Graha Niaga building, Jakarta, on Tuesday, March 31.

Nurhadi revealed that the company is still selecting the underwriter of the bond issuance. In addition, the company is considering market condition and potential absorption power of the bonds.

He said the company is planning to pledge Medco's assets: oil reserves in Libya block.

In addition to bond issuance, he said, Medco is still negotiating with six European and Japanese banks to disburse loans.

Nurhadi said the company projected that its 2009 income and net profit will decrease, resulting from the fluctuating prices in oil and gas.

"Meanwhile, it is expected that the production can still resemble the one in 2008," he said.

In 2008, the company produced around 63 thousands barrels oil per day, a decrease compared to the previous 70 thousands barrels.

The 2009 budget of capital expenditure, he said, reached US$200 million, a decline compared to 2008 with US$288 million. The capital expenditure will be allocated to maintain the company's operation.

For the time being, Medco's main projects include Bioethanol, Singa-Lematang, A Block, Libya Block, Rimau, Senoro, DS-LNG and Sarula.

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Translated by: Bonardo Maulana Wahono

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VIVA.co.id
29 Maret 2024