JAKARTA (Yosefardi) – Oil and gas drilling services company PT Apexindo Pratama plans to issue US$500 million of Notes to refinance existing debentures.
The Notes will be issued by Apexindo Netherlands BV. Other than refinancing of existing debts, proceeds will also be used for working capital of the company.
Apexindo seeks approval from shareholders to provide corporate guarantee and pledge rigs and FPSOs for the Notes.
Apexindo was subsidiary of Medco Energi (MEDC) before divesting the asset to Mitra International Resources (MIRA). MIRA, however, later on lost control over Apexindo.