Indosat Palapa Company BV,a subsidiary of ISAT has issued a 10 years Guaranteed Senior Notes amounting to US$650mn;callable after 5 years and guaranteed by ISAT.The bond got Ba1 rating from Moody ’s,BB from Standard and Poors and BBB-from Fitch rating agency.The bonds priced at 99.478%and provide yield at 7.45%and will be listed in SGX-ST,Singapore.The bond proceed will be used for debt refinancing.
ISAT will allocate capex FY10 totaling US$550-700mn,which around 70%will be used for networking and equipment. The company aims,subscribers to reach 39.1mn by end 1H10,compared with 33.1mn by end 2009.ISAT trades at PER10F of 16.1x,we have a Buy recommendation.
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