Medco Energi plans to speed up the payment of two bonds
JAKARTA. PT Medco Energi Internasional Tbk (MEDC) will expedite the final payment of the Shelf-Registered Bonds II MEDC Phase IV and Phase V issued back in 2017.
Siendy K. Wisadana, Corporate Secretary of MEDC, said that the company still needs to ask for approval from the bondholders regarding the said plan. Then, the company will further discuss it in the General Bondholders Meeting on March 11, 2022, in Jakarta.
Based on idnfinancials.com data, the Bond Phase IV to be paid off by MEDC has a face value of IDR 900 billion. The bond was offered in three series, with the highest interest rate of 11.8% per year and the most extensive tenor of seven years.
Meanwhile, the Phase V bond is worth IDR 1.08 trillion. It was also issued in three series, with the highest annual interest rate of 11.3%.
MEDC channelled the proceeds of the issuance of Bonds Phase IV and Phase V for the same purpose. Approximately 60% of the proceeds of each issuance were spent on paying debts and optimising its capital expenditure.
Based on idnfinancials.com data, MEDC reported cash and cash equivalents of USD 482.26 million as of September 30, 2021. Then, its total assets amounted to USD 5.28 billion. (KR/ZH)