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Medco Energy will use its internal cash to pay off its maturing bonds

13 March 2020 08:37

JAKARTA. PT Medco Energy Internasional Tbk (MEDC) will use internal cash to pay off bonds that will mature in March 2020, with a principal value of Rp380 billion and a fixed interest rate of 10.8%.

Hilmi Panigoro, Director of MEDC, said that the company currently has more than US$ 1 billion in internal cash. Even the company's internal cash, said Panigoro, is sufficient to pay the company's maturing debt until next year.

"It is enough to pay all the company's obligations in the next three years," Panigoro explained as reported by Kontan on Thursday (12/3) yesterday.

Previously, MEDC had issued global bonds worth US$ 650 million in 2019 with a coupon of 7.37%. Funds obtained from the bonds were used to pay off bonds worth US$ 100 million which will mature in May 2018. (KR/AR)

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