Puma offers to buy notes from two 2024 series for up to $410 million

By Marisa Wong

Los Angeles, July 18 – Puma International Financing SA announced it is offering to purchase its 5 1/8% dollar-denominated senior notes due 2024 (ISIN: XS1696810669, XS1696810743) and 2.65% euro-denominated amortizing senior notes due 2024 (ISIN: XS1128324164) for up to an aggregate purchase price of $410 million.

The issuer is offering to purchase the dollar-denominated notes at $1,000 per $1,000 principal amount and the euro-denominated notes at €1,000 per €1,000 principal amount.

The company will also pay accrued interest.

Tenders may be subject to proration.

The company may choose to increase or modify the maximum amount of the offer.

The offer will expire at 11 a.m. ET on Aug. 15. Tenders may be withdrawn prior to that time.

Settlement is expected to take place no later than Aug. 18.

The issuer had launched a consent solicitation in May aimed at modifying some pro rata repayment requirements under its 5% dollar-denominated notes due 2026 in order to deploy proceeds from a sale of infrastructure and storage assets toward the repayment of the 2024 notes without being subject to a pro rata offer requirement with respect to the 2026 notes. The solicited amendments were intended to facilitate a larger deleveraging transaction in which the issuer’s earlier-maturing 2024 notes would be repaid, repurchased, prepaid or redeemed in full by no later than Dec. 31.

The required consents to the solicited amendments to the 2026 notes were subsequently obtained on June 9, and the amendments became operative on June 16.

The dealer manager for the 2024 notes offer is J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com).

Morrow Sodali Ltd. (pumaenergy@investor.morrowsodali.com; +852 2319 4130, +44 20 4513 6933, 203 609-4910) is the tender and information agent.

The issuer’s parent, Puma Energy, is a Singapore-based multinational downstream oil company.

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