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Saka Energi tender for $200 million of 4.45% notes oversubscribed
By Mary-Katherine Stinson
Lexington, Ky., July 20 – PT Saka Energi Indonesia took in tenders of $307,484,000 principal amount of notes by the early deadline of its July 6 offer to purchase for cash up to $200 million of its $376,252,000 outstanding 4.45% senior notes due 2024 (ISIN: USY7140VAA80, US69371EAA38), according to a press release.
The company decided to increase the tender cap, accepting $220 million principal amount of the tendered notes at a proration factor of 66.8277%.
As previously reported, the company offered a tender payment of $992.50 per $1,000 principal amount, which includes an early tender premium of $7.50 per $1,000 of notes tendered by the early tender time. The company will also pay accrued interest.
At the launch of the offer, but no longer relevant, it was stated that holders tendering after the early deadline would only be eligible to receive the tender offer consideration of $985 per $1,000 principal amount.
However, tenders will no longer be accepted after the early deadline as the tender cap was reached. Any notes tendered after the early deadline will be returned to noteholders.
Early settlement will occur on July 21, and the tendered notes will be canceled on the same day.
The offer expires at 5 p.m. ET on Aug. 2.
BNP Paribas (+65 6210 3322, +44 20 7595 8668), Mandiri Securities Pte. Ltd. (+65 6589 3880) and Standard Chartered Bank (+65 6557 8252, +44 20 7885 5739, 212 667-0351) are dealer managers for the tender offer.
The information and tender agent is Kroll Issuer Services Ltd. (https://deals.is.kroll.com/saka; +44 20 7704 0880, +852 2281 0114; saka@is.kroll.com).
The company said the purpose of the tender offer is to proactively manage its upcoming debt maturity.
Saka Energi is the upstream arm of natural gas transportation and distribution company PT Perusahaan Gas Negara (Persero) Tbk. The issuer is based in Jakarta, Indonesia.
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