INDONESIAN TELCO INDOSAT OFFERS TO BUY BACK DOLLAR BONDS

JAKARTA, Jul 24, 2008 (AsiaPulse via COMTEX) -- OTTCY | Quote | Chart | News | PowerRating -- Indonesia's second largest telecommunication company PT Indosat (JSX:ISAT) and subsidiaries offer to buy back U.S. dollar denominated bonds totalling US$550 million.

The offer comes following a change in the majority shareholder of Indosat after recent acquisition by Qatar Telecom Q.S.C of a 40.81 per cent stake in the company from Singapore Technologies Telemedia.

Corporate secretary Strasfiatri Auliana said Indosat and Indosat Finance Company B.V. and Indosat International Finance Company B.V. offered to buy back their bonds maturing in 2010 and 2012.

The bonds maturing in 2010 are valued at US$300 million with a coupon rate of 7.75 per cent and others maturing in 2012 are US$250 million with a coupon rate of 7.125 per cent.

Goldman Sachs has been named as the broker and HSBC as the financial advisor in the program, Auliana told the newspaper Binsis Indonesia yesterday.

(ANTARA)

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