Indonesia's PLN wraps tender for three notes, meets financing terms

By Susanna Moon

Chicago, May 17 – PT Perusahaan Listrik Negara said investors had tendered $603,559,000 of its $750 million 8% notes due August 2019, $912,364,000 of its 7¾% notes due January 2020 and $211,688,000 of its $500 million 7 7/8% notes due June 2037.

Holders had given instructions to tender another $2,111,000 of the 2037 notes under guaranteed delivery procedures, according to a company update on Thursday.

The company priced its $1 billion 10-year and $1 billion 30-year senior notes on May 15, which satisfies the financing condition of each of the tenders, the company noted.

The tender offer for three series of notes issued by Majapahit Holding BV and guaranteed by the company ended at 5 p.m. ET on May 16, extended from 5 p.m. ET on May 9. The offer was previously extended from 5 p.m. ET on May 4. Guaranteed delivery date was 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.

After the offer, the outstanding amount will be $146,441,000 for the 2019 notes, $337,636,000 for the 2020 notes and $286,201,000 for the 2037 notes.

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

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

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 in Indonesia.

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