Publicly listed energy giant PT Medco Energi Internasional has issued global bonds worth US$500 million with a maturity period of seven years and a coupon rate of 6.75 percent in an effort to refinance its debts.

Moody's Investors Service has upgraded its B2 issuer rating outlook for Medco to “positive” from “stable”, while Fitch and Standard & Poor’s have reaffirmed their B Stable issuer ratings for the company.

“We are pleased with the final outcome of the bond issuance, and also the credit rating outlook upgrade, which reflects the confidence in our company. We will continue to deliver on our plans for the benefit of all our stakeholders,” Medco president director Hilmi Panigoro said Thursday in a statement.

In the first nine months of 2017, Medco saw its revenue climb by 52.64 percent year-on-year to $597.52 million following a recovery in global crude prices. At the same time, the company was also able to record $168.08 million in net profit, reversing a net loss of $147.7 million it booked in the corresponding period in 2016.

However, Medco’s total liabilities grew 28.8 percent year-on-year to $2.93 billion between January and September 2017. (bbn)