Indonesia accepts $1.16 billion tendered notes from four series

By Marisa Wong

Los Angeles, Sept. 21 – Republic of Indonesia announced the results of its Sept. 13 tender offer for up to $1.25 billion of its global bonds from eight series in a Monday press release.

The offer expired at 5 p.m. ET on Sept. 17.

Indonesia accepted the following amounts of notes tendered under the offer:

• $515,193,000 of its $2 billion outstanding 3¾% global bonds due April 25, 2022 (ISINs: USY20721BC22, US455780BK15) for $1,022 per $1,000 note at a proration factor of 100%;

• None of its $1 billion outstanding 2.95% global bonds due Jan. 11, 2023 (ISINs: US455780CC89). The purchase price would have been $1,035 per $1,000 note;

• $239.05 million of its $1.5 billion outstanding 3 3/8% global bonds due April 15, 2023 (ISINs: USY20721BD05, US455780BL97) for $1,048 per $1,000 note at a proration factor of 75.9%;

• $180,781,000 of its $1 billion outstanding 5 3/8% global bonds due Oct. 17, 2023 (ISINs: USY20721BH19, US455780BP02) for $1,102.50 per $1,000 note at a proration factor of 100%;

• None of its $2 billion outstanding 5 7/8% global bonds due Jan. 15, 2024 (ISINs: USY20721BJ74, US455780BQ84). The purchase price would have been $1,124 per $1,000 note;

• $223,885,000 of its $750 million outstanding 4.45% global bonds due Feb. 11, 2024 (ISIN: US455780CG93) for $1,092 per $1,000 note at a proration factor of 100%;

• None of its $2 billion outstanding 4 1/8% global bonds due Jan. 15, 2025 (ISINs: USY20721BG36, US455780BT24). The purchase price would have been $1,105.50 per $1,000 note; and

• None of its $2.25 billion outstanding 4¾% global bonds due Jan. 8, 2026 (ISINs: USY20721BN86, US455780BV79). The purchase price would have been $1,149 per $1,000 note.

On Monday the republic said it determined that the maximum cash consideration of $1.25 billion, which includes interest on the notes, was not enough to purchase all of the bonds tendered. As a result, the republic applied proration factors.

Funding for the offers is expected to come from a sale by the republic of one or more series of bonds. The tender offer is conditioned upon the sale of the new notes. This financing conditioned has been met.

Settlement is expected for Sept. 23.

Dealer managers for the offer are BofA Securities (888 292-0070, 646 855-8988, +44 20 7996 5420, DG.LM-EMEA@bofa.com), Citigroup Global Markets Inc. (+852 2501 2692, 212 723-0859, +44 20 7986 8969, liabilitymanagement.asia@citi.com), Credit Agricole CIB, Singapore Branch (+65 6535 4988, SGP-BR-DOA@ca-cib.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 212 525-5552, liability.management@hsbcib.com) and UBS AG Singapore Branch (+65 6495 8623, ol-liabilitymanagement-sea@ubs.com).

The tender and information agent is Morrow Sodali Ltd. (+852 2319 4130, 203 609-4910, +44 20 4513 6933, RoI@investor.morrowsodali.com, https://bonds.morrowsodali.com/roi).

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