S&P: Excelcomindo Pratama unchanged

Standard & Poor's said that PT Excelcomindo Pratama Tbk.'s (BB-/stable) solicitation of consent from holders of its $250 million senior guaranteed notes due 2013 to amend certain covenants, by itself, has no impact on the rating or outlook on the company.

The consent is related to the company's intention to divest the majority of its telecommunication towers, which will be implemented toward the end of 2008, the agency noted.

Excelcomindo Pratama has stated that proceeds from the tower divestment will be used to fund its capital expenditures and partly refinance its bank loans, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.