Moody's: Sky Vision refinancing is positive

Moody's Investors Service said MNC Sky Vision's potential refinancing of its $165 million 12¾% notes due Nov. 16, 2015 is credit positive.

Sky Vision recently announced its intention to hold an extraordinary general meeting to seek approval from its shareholders regarding a refinancing plan, Moody's said.

The notes are callable in full prior to Nov. 16, after which the redemption price will increase to the range of 103% to 106%, the agency said.

Refinancing prior to November 2013 could result in lower interest costs and an extended debt maturity profile, thereby enhancing cash flows and liquidity, which is both credit positive, said Annalisa Di Chiara, a Moody's analyst.

The company is considering both rupiah-denominated and dollar-denominated bond issuances, as well as bank loans, the agency said.

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