With the aim of expanding its domestic network, PT Excelcomindo Pratama, Indonesia's third-largest cellular phone operator, has issued a US$250m high yield bond.

The joint book-runners UBS, JP Morgan and CIMB were advised by Freshfields Bruckhaus Deringer, while Melli Darsa & Co Law Offices acted on local law. Skadden Arps and Kelana Haryanto & Hermanto advised Excelcom.

The seven-year Rule 144A/Regulation S deal, which has a call option after four years, was issued at a price of 99.3% with a coupon of 7.1% to yield 7.25%.

Joe Sevack, the Freshfields partner who led the team on this transaction, commented: "The success of this bond issue reflects both the continuing growth of the Indonesian market and the sustained strength of the Asian high-yield market generally."