Garuda Indonesia buys $3.44 million of sukuks due 2031

By Mary Katherine Stinson

Lexington, Ky., Dec. 21 – PT Garuda Indonesia (Persero) Tbk announced the remaining results of its capped tender offer for notes and trust certificates issued by Garuda Indonesia Global Sukuk Ltd.

As previously reported, 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).

On Dec. 21, the company announced it will accept for purchase $3,439,968 in total principal amount of sukuk limited trust certificates tendered under the offer. The total purchase consideration for the sukuks, including the accrued periodic distribution amount payment, will be $1,840,743.52, which will be funded by cash on the company’s balance sheet.

As previously reported, the company announced on Dec. 20 it would accept $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.

Including both the sukuks and the Regulation S notes, the final consideration amount for the offers is $49,999,999.74.

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.

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

Settlement for the sukuk tender offer remains scheduled for Dec. 29.

After settlement, $74,579,612 of the sukuks will remain outstanding.

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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