EMP seeks expansion funds
Indonesia's Energi Mega Persada (EMP) plans to raise $500 million to finance its business expansion and repay maturing debt.
EMP is also reported to need about $104 million to develop its Kangean gas development off East Java, Indonesia.
The company plans to to raise the funds by issuing five-year bonds in the next four months with Merrill Lynch, Credit Suisse First Boston and Danatama Makmur Securities as the joint lead arrangers, reported the Antara news agency.
Company finance director Nazamudin Latief added that the company was still studying the plan to issue bonds in US dollars.