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February 8, 2008 |
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INDOSAT: May Spend US$100 Million to Buy Back Debt PT Indosat Tbk may spend up to US$100 million to buy back a portion of its debt maturing in 2010 and 2012, Reuters reports. Indosat, the report notes, said the move was part of its capital management strategy. As reported by the Troubled Company Reporter-Asia Pacific on Nov. 28, 2007, Indosat's nine-month net profit increased 56% to IDR 1.45 trillion. The increase in the company's net profit was helped by stronger revenue, the report added. About Indosat PT Indosat Tbk -- http://www.indosat.com/ -- is a fully integrated Indonesian telecommunications network and service provider and provides a full complement of national and international telecommunications services in Indonesia. The company provides international long-distance services in Indonesia. It also provides multimedia, data communications and Internet services to Indonesian and regional corporate and retail customers. The company's principal cellular service is the provision of airtime, which measures the usage of its cellular network by its customers. Airtime is sold through postpaid and prepaid plans. It provides a variety of international voice telecommunications services and both international switched and non-switched telecommunications services. MIDI services include high-speed point-to-point international and domestic digital leased line broadband and narrowband services, a high-performance packet-switching service and satellite transponder leasing and broadcasting services. * * * The Troubled Company Reporter-Asia Pacific reported on June 19, 2007, that Moody's Investors Service affirmed PT Indosat Tbk's Ba1 local currency issuer rating and has also changed the outlook to stable. At the same time, Moody's affirmed Indosat's Ba3 senior unsecured foreign currency rating. The rating outlook on the bond remains positive which is in line with the outlook on Indonesia's foreign currency country ceiling. A TCR-AP report on June 7, 2006, stated that Fitch Ratings affirmed PT Indosat Tbk's long-term foreign and local currency Issuer Default Ratings at 'BB-'. The outlook on the ratings is stable. |
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