Excellent work, I was wondering when they might start this...

Excellent work, I was wondering when they might start this process. This is a just refinance of their current debt which, will push the maturities out a few years. Timing is good also, Indonesian bonds and corporate bonds have seen the the most inflows in q1 2023 since fours years ago and syndicated IDR loans also the most in last four years, sector is very hot at the moment so maybe no need to offer increase coupon on the refi. If they can manage to get the 2024 done unsecured then that would be great, should help at the ratings agencies also for an upgrade on the debt perhaps.

Prudent work from the Nickel Industries team to launch this now.

PS Firemansam I believe they are already in discussions with a number of Indonesian Banks on sourcing some onshore debt. Not sure exactly the purpose of the debt but I would assume would be for the HPAL plant they are planning. Keep an eye on a new Indonesian IPO going off tomorrow, Harita Nickel (NCKL is the code) it is a HPAL plant being listed on the JCI, then after that Merdeka Battery Minerals will be later in the month......will provide some interesting valuation metrics vs Nickel Industries.