Bond buyback
ISAT confirmed to buyback bonds with maturity in 2010 and 2012 amounting to US$ 344m in this coming July 31, 2010 after majority of bondholders stated their commitment to sell their bonds. The decision is made after ISAT successfully sold its guaranteed senior notes with proceed of US$ 650m, which will be allocated to refinance those matured bonds. ISAT shifted its focus from heavy capex allocation in the last three years to loan restructuring and refinancing. Big capex spending has squeezed the
profitability in the midst of stiff competition among telecom operators.
We maintain Hold for Indosat as we think the company may not be ready yet to monetize its subscriber base and needs better execution on the ground.
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