ISAT to issue $455mn bonds, refinance its debt next year (TJP)
PT Indosat Tbk (ISAT) plans to issue rupiah denominated bonds worth $455mn in 2Q15 that would be used to refinance its $650mn debts due in 2020, while the new bonds will be mature in 10 years. Indosat targeting moderate revenue growth by 5-6% but predicted to not generate a net profit this year as they currently focusing on a major network-modernizing program said the president director.
New Contract 1H14: PTPP Rp8.4tn, WSKT Rp7.0tn (ID)
PT Pembangunan Perumahan Persero Tbk (PTPP) has won Rp8.4tn new contracts during 1H14. In the same period, PT Waskita Karya Persero Tbk (WSKT) bagged Rp7.08tn new contracts. Thus, PTPP plans to revise up its net profit target for this year to Rp600bn from the initial target of Rp520bn.
Comment: Year-to-date, PTPP continue to be the best performer in new contracts achievement. Hence, during the dry construction market in 1H14, we believe PTPP will continue to deliver strong growth for this year. (Joko)
TBIG Obtain Rp3.44 Trillion Loans (BI)
PT Tower Bersama Infrastructure Tbk (TBIG) obtain a syndicated loan from 17 banks worth US$299 million, equivalent to Rp3.44 trillion that will be used to refinance debt and fund the organic growth. The loan consists of USD loans worth US$215 million and Rupiah loans amounted Rp1 trillion. Meanwhile, total debt maturing this year reached Rp1.8 trillion. The company also plans to spend Rp3.5tn capital expenditure this year.
XL could earn USD500 million (ID)
PT XL Axiata Tbk (EXCL) has the opportunity to raise as much as USD500 million, or around Rp5.8 trillion in from telecommunications tower sales this year. The funds will be used to pay off the debt. XL has announced plans to sell tower since July 2, 2014. Currently XL has 8,000 towers. At least four companies eyeing a number of XL’s towers including TBIG, TOWR, SUPR, and IBST. http://dmia.danareksaonline.com/BeritaRiset/NewsReader/2800
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