Tue, 26 Feb 2008
JAKARTA (JP): The country's second-largest telecom company, PTIndosat, is to issue bonds worth a total of Rp 1.5 trillion(around US$163 million) to support its expansion drive.

The company is also seeking another $400 million in externalfunding in the form of bank loans or global bonds. The company'sexpansion plan this year is expected to cost up to $1.2 billion.

President director Johnny Swandi Sjam said Monday Rp 1.5trillion in bonds, currently entering the book-building process,would be offered in a conventional bond amounting to Rp 1trillion and in a sharia-based bond of Rp 500 billion.

"I am optimistic investors will accept the offerings as bothof the bonds have very good ratings of idAA(sy)+ from theIndonesian rating company PP Pefindo," Johnny said, adding thatthe book-building period would take place between Feb. 25 andMarch 6.

Both bonds will officially be listed on April 10.

"We'll use the proceeds to finance our business expansion indeveloping a base station subsystem and transmission for thecellular networks," Johnny told a press conference.

He said Indosat had 9413 base transceiver stations (BTS) as of September last year and was targeting to add 3,000 more thisyear. (tien/**)



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