Garuda Indonesia buys $110.36 million of 6˝% notes, mulls sukuks

Chicago, Dec. 20 – PT Garuda Indonesia (Persero) Tbk partially announced the results of its capped tender offer for notes and trust certificates issued by Garuda Indonesia Global Sukuk Ltd.

The company was offering to buy up to $50 million maximum total purchase consideration across both of the $536,452,843.87 outstanding 6˝% notes due 2031 (ISIN: XS2568752682) and the $78,019,580 outstanding sukuk limited trust certificates due 2031 (ISIN: XS2572292626).

The outstanding amount of Regulation S notes includes accrued interest that has been capitalized and added to the outstanding principal amount; a clearing system pool factor of 105.5367% currently applies to the outstanding amount. The outstanding amount of certificates does not include any accrued PIK periodic distribution amount, which is $4,242,315 for the return accumulation periods ended on March 29, 2023, June 29 and Sept. 29.

The company is accepting $110,360,198.49 principal amount of the Regulation S notes, applying a 7.5756% scaling factor.

The purchase consideration, including interest, will be $50,253,355.27 which will be funded with cash off the company’s balance sheet.

After settlement on Dec. 21, there will be $426,092,645.38 of the notes due 2031 outstanding.

The company is waiting to announce the results of the offer for the certificates, considering the tenders and determining the acceptance amount.

Settlement for the sukuk tender offer has been moved to Dec. 29.

The offers expired at 11 a.m. ET on Dec. 15.

Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933; garuda@investor.morrowsodali.com; https://projects.morrowsodali.com/garuda).

The issuer is an airline based in Tangerang, Indonesia.

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