Indonesia-based telecom operator Telekom PT SmartFren is looking to sell mandatory convertible bonds. The proceeds from the sale of bonds will be used to refinance Rp 4 trillion of loans that will mature in 2014 and 2015. The loan was secured from the China Development Bank Corporation and Anglo Financial. The bonds sale will be carried out in two stages – Rp 1 trillion in stage one and the remaining Rp 3 trillion in stage 2. The operator had a total debt of Rp 12.62 trillion at end-March 2014.
