Indonesia’s Pan Brothers gets tenders for $28.9 million 7 5/8% notes

By Marisa Wong

Morgantown, W.Va., Oct. 22 – PB International BV announced it received tenders for $28,922,000, or 14.46%, of its $200 million 7 5/8% senior notes due 2022 guaranteed by PT Pan Brothers Tbk. as of 7 a.m. ET on Oct. 19, the expiration of its tender offer for up to $40 million of the notes that began on Sept. 28.

PB International said it has accepted all of the tendered notes for purchase on Oct. 25.

The purchase price will be 95. No scaling factor will be applied, the company noted.

Pricing was set by way of modified Dutch auction with a minimum purchase price of 92 and a maximum purchase price of 95, as previously announced.

The company will also pay accrued interest.

The dealer manager is Australia and New Zealand Banking Corp. Ltd. (+65 6681 8969 or AsiaBondSyndicate@anz.com). D.F. King (+44 20 7920 9700, +852 3953 7231, pb@dfkingltd.com or https://sites.dfkingltd.com/pb) is the information agent.

Pan Brothers operates in the garment and textile industries and is based in Tangerang, Indonesia.

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