Perusahaan Listrik Negara extends tender for three notes by one week

By Susanna Moon

Chicago, May 10 – Indonesia’s PT Perusahaan Listrik Negara (PLN) said investors had tendered about $1,728,506,000 of three series of notes in the offer as of 5 p.m. ET on May 9, the previous expiration.

The tender offer for three series of notes issued by Majapahit Holding BV and guaranteed by the company will now run until 5 p.m. ET on May 16. The offer was previously extended from 5 p.m. ET on May 4. Guaranteed delivery date has been extended to 5 p.m. ET on May 18.

As announced April 25, the cash purchase price for each $1,000 principal amount will be as follows:

• $1,066.75 for the $750 million 8% notes due August 2019;

• $1,074 for the $1.25 billion 7¾% notes due January 2020; and

• $1,295 for the $500 million 7 7/8% notes due June 2037.

Holders also will receive accrued interest to but excluding the payment date.

The tendered amount consists of $606,344,000 principal amount of the 2019 notes, $905,064,000 principal amount of the 2020 notes and $217,098,000 principal amount of the 2037 notes, according to a company update on Thursday.

In addition, holders had tendered $2,111,000 of the 2037 notes under guaranteed delivery procedures, the release noted.

Settlement is expected to occur on May 21, extended from May 14.

As of 5 p.m. ET on May 3, investors had tendered $1,079,693,000 principal amount of the three note series, the company previously noted.

The previous tender count included $365,164,000 principal amount of the 2019 notes, $598,607,000 principal amount of the 2020 notes and $115,922,000 principal amount of the 2037 notes.

The tender offers are part of a refinancing that will include a concurrent offering of new debt securities, according to a previous announcement.

If the financing is insufficient to fully fund the offer, the company said it will accept for purchase all notes of each series 2 notes tendered under acceptance priority levels.

Tendered notes may be withdrawn at any time before the offer ends.

Citigroup Global Markets Inc. (212 723-6106 or +852 2501 2693), Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, +44 20 7992 6237 or 212 525-5552), Mandiri Securities Pte. Ltd. (+65 6589 3880) and Standard Chartered Bank (852 3983 8369, +65 6557 8289, +44 20 7885 5739 or 212 667-0351) are the dealer managers.

D.F. King (212 269-5550 / (866 864-7964, +44 20 7920 9700, +852 3953 7230, pln@dfkingltd.com or https://sites.dfkingltd.com/pln) is the information and tender agent.

PLN is a state-owned electricity company.

© 2015 Prospect News.
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