Fitch rates Indika Inti Energi notes B

Fitch Ratings said it assigned a final issue rating of B and a final recovery rating of 4 to the $250 million senior secured notes due June 2012 issued by Indo Integrated Energy BV and guaranteed by PT Indika Inti Energi and its 100%-owned subsidiary PT Indika Inti Corpindo.

Indika plans to use about $60 million of the notes proceeds to acquire a coal asset in Indonesia, about $40 million to invest in minority stakes in power plant projects and $118 million to refinance existing debt. The remaining $32 million is earmarked for the establishment of an interest reserve account, as well as working capital and general corporate purposes, the agency said.

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