Excelcomindo attracts $350m bid

Excelcomindo attracts $350m bid

JAKARTA: Indonesia's third-largest cellular telecommunications operator PT Excelcomindo Pratama has received around US$350 million in bids for its planned $300 million international bond issue, people familiar with the matter said on Tuesday.

A banker with one of the underwriters said the company is looking to sell the 8.25 percent bond at a yield of 8.375 percent.

The company is expected to price the five-year bond on Friday at the earliest when its U.S. roadshow ends.

Excelcomindo, which holds a 16 percent market share in Indonesia's cellular market, is issuing the bonds to refinance its debts. It has hired CSFB, Morgan Stanley and UBS as the deal's lead managers.

Standard & Poor's Ratings Services has assigned a 'B+' rating to the proposed senior unsecured notes. -- Dow Jones