S&P affirms Bakrie Telecom

Standard & Poor's said it affirmed the B rating on the senior unsecured notes due 2015 issued by Bakrie Telecom Pte. Ltd., a wholly owned subsidiary of PT Bakrie Telecom Tbk.

The affirmation comes after news that the company intends to reopen the issue to increase the size by up to $130 million, S&P said.

The additional notes will have the same terms and conditions as the existing notes, including being fully and unconditionally guaranteed by Bakrie Telecom Tbk, the agency said.

The proceeds will be used to refinance a $30 million bank loan and $50 million in equipment vendor payables. Any remaining proceeds would be used to fund the company's future capital expenditure, S&P said.

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