Thailand’s PTT prices, pushes out tender for 5 7/8% notes, extends premium in capped offer

By Susanna Moon

Chicago, March 20 – PTT PCL said holders had tendered $49,048,000 of its $350 million outstanding 5 7/8% senior notes due 2035 as of 5 p.m. ET on March 17, the original offer expiration.

The any-and-all offer has been extended until 5 p.m. ET on March 31, with settlement for remaining tenders set for April 6.

Settlement for 5 7/8% notes tendered by the original expiration date will occur on March 22, with notes tendered under guaranteed delivery procedures to be settled on March 23.

The purchase price will be $1,149.71 for each $1,000 principal amount, according to a company notice on Monday.

Pricing was set using the 2 7/8% U.S. Treasury notes due Nov. 15, 2046 plus a fixed spread of 151 basis points for a reference yield of 3.143%.

As announced March 6, PTT also is tendering up to $100 million of its $600 million outstanding 4½% senior notes due 2042 with pricing to be set by modified Dutch auction.

Investors had tendered $29.4 million of the 4½% notes with a specified bid spread resulting in a bid premium less than the clearing premium as of 5 p.m. ET on March 17, the early tender date, the company noted in the update.

In the capped offer, pricing will be set at 7 a.m. ET on March 20 using the 2 7/8% U.S. Treasury notes due Nov. 15, 2046 with a minimum spread of 161 bps and a base spread of 175 bps.

The total purchase price includes an early tender premium of $30 per $1,000 principal amount, which has been extended to all notes tendered in the capped offers. Originally, holders who tendered after the early deadline would have received the total amount less the early premium.

The Dutch auction offer will remain open until 11:59 p.m. ET on March 31. Tendered notes in that offer may no longer be withdrawn, as of the early deadline.

Holders also will receive accrued interest to but excluding the settlement date of March 22 for early tendered notes and April 5 for any remaining tenders.

The information agent is Global Bondholder Services Corp. (212 430-3774, 866 470-4200, contact@gbsc-usa.com or gbsc-usa.com/PTT). The dealer managers are Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100 / +44 20 7992 6237 or liability.management@hsbcib.com) and J.P. Morgan Securities plc (+44 20 7134 1478, +44 20 7134 1478, fax +44 20 3493 1453 or ECM_Europe_Syndicate_Desk@jpmorgan.com).

The oil and gas company is based in Bangkok.

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