S&P gives BB- to PT Sri Rejeki Isman guaranteed notes

S&P said it assigned its BB- issue rating to the proposed U.S. dollar-denominated senior unsecured notes issued by Golden Legacy Pte. Ltd. PT Sri Rejeki Isman Tbk. (Sritex: BB-/Negative/--; axBB/--) guarantees the notes.

“We expect the proceeds of the proposed issuance to be primarily used by Sritex to finance a tender offer for the outstanding US$270 million 9% senior unsecured notes due 2019 and issued by Golden Legacy Pte. Ltd. We also expect Sritex to apply excess funds raised by the new issue, if any, to the repayment of other outstanding indebtedness, specifically medium-term notes or working capital loans, and minimal incremental debt beyond that amount,” S&P said in a news release.

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