|Bid||720.00 x 0|
|Ask||725.00 x 0|
|Day's Range||710.00 - 740.00|
|52 Week Range||620.00 - 1,040.00|
|Beta (5Y Monthly)||2.59|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 28, 2015|
|1y Target Est||0.10|
Moody's Investors Service has assigned a B1 rating to the proposed USD-denominated backed senior unsecured notes to be issued by Medco Bell Pte. Ltd., a wholly-owned subsidiary of Medco Energi Internasional Tbk (P.T.) (Medco, B1 stable). The proposed notes will be irrevocably and unconditionally guaranteed by Medco and some of its subsidiaries. The bond proceeds will be initially kept in an escrow account and will ultimately be used to repay Medco's upcoming IDR bond maturing in 2021 and exercise a call or early tender of Medco's 2022 USD Bond.
Moody's Investors Service has upgraded the corporate family rating (CFR) of Medco Energi Internasional Tbk (P.T.) (Medco) to B1 from B2. Moody's has also upgraded the ratings on the backed senior unsecured bonds issued by Medco Strait Services Pte. Ltd., Medco Platinum Road Pte. Ltd. and Medco Oak Tree Pte. Ltd. to B1 from B2. "The rating upgrade reflects a sustained improvement in Medco's scale and the geographic diversification of its reserves and production, following the acquisition of Ophir," says Vikas Halan, a Moody's Senior Vice President.
Indonesia's Donggi Senoro liquefied natural gas (LNG) plant may lower its 2019 output from an initial estimate of 43 cargoes due to the current low price for gas, Kurniawan Rahardjo, director at plant operator PT Donggi Senoro LNG said on Thursday. Out of the estimated output, 31 to 32 cargoes already have committed long-term buyers, Rahardjo said, and six were sold in the spot market and the rest are not yet sold. In 2018, Donggi Senoro produced 41 cargoes of LNG with eight cargoes sold to the spot market.
If the acquisition is not completed by 4 July 2019, the proceeds in the escrow account along with early redemption premium of 1% and accrued interest, which together will be pre-funded by Medco, will be used to redeem the bond in full. "Medco's B2 rating reflects its modest scale of operations, moderate degree of cash flow visibility from fixed-price natural gas sales and our expectations that its credit metrics will continue to improve over the next few quarters," says Rachel Chua, a Moody's Assistant Vice President and Analyst. "The improvement in Medco's credit metrics will be supported by its sale of non-core assets in line with its deleveraging plan and the strong operating cash flow generation from Ophir's portfolio once the transaction is complete," adds Chua, who is Moody's Lead Analyst for Medco.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Medco Energi Internasional Tbk (P.T.) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Under the terms, Ophir shareholders will receive 57.5 pence per share in cash, the companies said in a joint statement. The increased offer comes after the Financial Times reported that hedge fund Petrus Advisers, which owns 3.94 percent of Ophir, planned to vote against Medco's bid because it undervalued the company. Petrus in February had called for alternatives to Medco's buyout offer and asked the company to put Petrus-backed directors in charge of overseeing the proposed changes.
The Indonesian government has approved one-year export allowances for copper concentrate for miners PT Freeport Indonesia and PT Amman Mineral Nusa Tenggara, officials from the Ministry of Energy and Mineral Resources said on Friday. Freeport will be given an allowance of 198,282 wet tonnes of copper concentrate, while Amman will get 336,100 wet tonnes, said Yunus Saifulhak, director of minerals at the energy and mining ministry. Indonesia's Ministry of Trade will issue the export permits according to the recommendation from the mining ministry.
SOCO said it believes that a share-based combination with Ophir would be challenging to accomplish after Indonesian oil and gas group Medco agreed to buy Ophir for a sweetened cash bid of $511 million in January. Medco's offer of 55 pence per Ophir share came after Ophir rejected a previous $437 million, or 48.5 pence per share, potential buyout offer this month, saying it undervalued the company.
(Adds Ophir Energy, Alitalia, Bristol-Myers Squibb, Cemex, Tilray, Magellan Health, Verus Petroleum, Owens & Minor; Updates Bank Audi, Sainsbury) Feb 20 (Reuters) - The following bids, mergers, acquisitions ...