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Perusahaan Gas Negara accepts tenders of $499.85 million 5 1/8% notes
By Mary-Katherine Stinson
Lexington, Ky., May 26 – PT Perusahaan Gas Negara Tbk. announced the expiration and final results of its tender offer to purchase for cash any and all of its $950 million outstanding 5 1/8% senior notes due 2024 (Cusip: Y7136YAA8, 69367PAA4), according to a notice.
As of the expiration date of 5 p.m. ET on May 25, which was also the withdrawal deadline, $499,851,000 of notes were tendered and accepted for purchase. This represents 52.62% of the total outstanding principal.
The guaranteed delivery deadline is 5 p.m. ET on May 30. However, there were no notes tendered according to guaranteed delivery procedures.
As previously reported, the issuer is offering a consideration of $1,006 per $1,000 principal amount plus accrued interest.
Settlement is expected for May 31. The total consideration paid is expected to be $502,850,106 plus accrued interest.
Following settlement, $450,149,000 of the notes will remain outstanding.
The company said in an earlier release that the tender offer was a part of its plan to proactively manage its upcoming debt maturities. The company intends to use proceeds from some external commercial loans from banks, together with cash on hand, to fund the tender offer.
BNP Paribas (+65 6210 3322, +44 20 7595 8668; dl.asia.syndicate@asia.bnpparibas.com; dl.liability.management@uk.bnpparibas.com); Mandiri Securities Pte. Ltd. (+65 6589 3880; dcm.group@mandirisekuritas.co.id); and Standard Chartered Bank (+65 6557 8252, +44 20 7885 5739, 212 667-0351; liability_management@sc.com) are dealer managers for the tender offer.
Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; pgn@is.kroll.com) is the information and tender agent.
The issuer is a Jakarta, Indonesia-based natural gas transportation and distribution company.
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