Moody’s rates Alam Synergy notes B2

Moody's Investors Service said it assigned a senior unsecured bond rating of B2 to the proposed 2022 senior unsecured notes to be issued by Alam Synergy Pte. Ltd., a wholly owned subsidiary of Alam Sutera Realty Tbk. (B2 stable).

The notes are guaranteed by Alam Sutera and some of its subsidiaries.

Alam Sutera will use all of the net proceeds to redeem the $225 million 2019 senior unsecured notes issued by Alam Synergy.

"While Alam Sutera will borrow approximately extra $15 million for the premium on early redemption, the company's pro-forma leverage should remain broadly stable, because the additional debt will be offset by amortized payments on its existing IDR loans," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"More importantly, the refinancing exercise will extend Alam Sutera's weighted average debt maturity profile, with the company's next major debt maturity of $235 million coming due only in 2020."

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