Indonesia gives results of $500 million one-day offer for six bonds

By William Gullotti

Buffalo, N.Y., Sept. 9 – Republic of Indonesia detailed the results of its one-day tender offer for up to $500 million principal amount from six bonds, according to an announcement.

As previously reported, the six old bonds in the offer were separated into two groups with the first group having acceptance priority over the second.

The offer expired at noon ET on Sept. 6.

With purchase prices based on par of $1,000 principal amount of bonds, the republic accepted the following tenders from the first group:

• $11,408,000 preferred tenders of the $757.77 million outstanding 5 3/8% global bonds due Oct. 17, 2023 (Cusips: Y20721BH1, 455780BP0) were accepted for purchase at $1,026.50; and the

• $45,559,000 preferred tenders and $5.3 million non-preferred tenders, totaling $50,859,000, of the $1,726,385,000 outstanding 5 7/8% global bonds due Jan. 15, 2024 (Cusips: Y20721BJ7, 455780BQ8) were accepted for purchase at $1,031.

With the same purchase price basis, the republic accepted the following tenders from the second group:

• $77,043,000 preferred tenders and $21,725,000 non-preferred tenders, totaling $98,768,000, of the $2,169,731,000 outstanding 4¾% global bonds due Jan. 8, 2026 (Cusips: Y20721BN8, 455780BV7) were accepted for purchase at $1,024;

• $33,004,000 preferred tenders and $4,335,000 non-preferred tenders, totaling $37,339,000, of the $1.6 billion outstanding 8½% global bonds due Oct. 12, 2035 (Cusips: Y20721AE9, 455780AT3) were accepted for purchase at $1,279.20;

• $58,267,000 preferred tenders and $13,971,000 non-preferred tenders, totaling $72,238,000, of the $1.5 billion outstanding 6 5/8% global bonds due Feb. 17, 2037 (Cusips: Y20721AJ8, 455780AX4) were accepted for purchase at $1,108.25; and

• $38,441,000 preferred tenders and $16,161,000 non-preferred tenders, totaling $54,602,000, of the $2 billion outstanding 7¾% global bonds due Jan. 17, 2038 (Cusips: Y20721AL3, 455780AZ9) were accepted for purchase at $1,215.

An aggregate total of $325,214,000 was tendered and accepted across all six series, none of which were subject to proration.

As previously reported, settlement is expected on Sept. 13.

The dealer managers for the offer are BofA Securities, Inc. (646 855-8988, +44 20 7996 5420, DG.LM-EMEA@bofa.com), Credit Suisse (Singapore) Ltd. (+852 2101 7847, +65 6212 8226, list.hkdcmsyndicate@credit-suisse.com), Deutsche Bank AG, London Branch (+44 20 7545 8011, +65 6423 5342), HSBC Ltd. (+44 20 7992 6237, 888 HSBC-4LM, 212 525-5552, liability.management@hsbcib.com) and J.P. Morgan Securities plc (Head_of_EMEA_DCMG@jpmorgan.com).

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.