By Rebecca Melvin
Concord, N.H., Nov. 12 – Medco Energi Internasional Tbk. subsidiary Medco Laurel Tree Pte. Ltd. priced $400 million of 6.95% seven-year senior notes (B1/B+/B+), according to a Singapore Exchange listing notice.
Morgan Stanley Asia (Singapore) Pte., DBS Bank Ltd., ING Bank NV, Singapore Branch, Australia and New Zealand Banking Group Ltd. and Standard Chartered Bank (Singapore) Ltd. are lead managers and lead bookrunners of the Rule 144A and Regulation S deal.
According to the ratings agencies, the proceeds are expected to be used to complete acquisitions or to refinance some of its U.S. dollar notes coming due in 2025 and 2026.
The oil and gas company is based in Indonesia.
| Issuer: | Medco Laurel Tree Pte. Ltd.
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| Guarantor: | Medco Energi Internasional Tbk.
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| Issue: | Senior notes
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| Amount: | $400 million
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| Maturity: | Nov. 12, 2028
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| Bookrunners: | Morgan Stanley Asia (Singapore) Pte., DBS Bank Ltd., ING Bank NV, Singapore Branch, Australia and New Zealand Banking Group Ltd. and Standard Chartered Bank (Singapore) Ltd.
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| Coupon: | 6.95%
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| Announcement date: | Nov. 12
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| Listing date: | Nov. 15
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| Ratings: | Moody’s: B1
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| S&P: B+
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| Fitch: B+
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| Distribution: | Rule 144A and Regulation S
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| ISINs: | US58406RAA68, USY59500AA95
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