Puma Energy gives early results of capped tender offer for 5% notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., April 25 – Puma International Financing SA announced the early results of its cash tender offer for up to a maximum tender amount of its $720 million outstanding 5% senior notes due 2026 (ISIN: XS1751117604, XS1751189348) guaranteed by parent company Puma Energy Holdings Pte. Ltd., according to a notice.

As of the early tender deadline of 11 a.m. ET on April 24, $520,251,000 in principal of the notes have been tendered.

Puma announced an increase of the maximum tender amount to $520,251,000 from $500 million in aggregate principal amount of the existing notes.

The company will accept all of the tendered notes for purchase and, as a result of reaching the cap, no tenders will be accepted after the early deadline.

The issuer is offering a total consideration of $990 per $1,000 principal amount. The total consideration includes an early tender payment of $50 per $1,000 of notes tendered by the early tender deadline. In addition, the issuer will pay accrued interest.

Originally, holders tendering after the early tender deadline would have only been eligible to receive the tender offer consideration of $940 per $1,000 principal amount. However, that is no longer relevant.

The issuer has elected to settle early tendered notes on an early settlement date, which will be April 29.

The offer will expire at 4 a.m. ET on May 10.

Final settlement was expected to be on May 15. However, that is now canceled.

The tender offer was conditioned on pricing of a new note offering. Puma priced a $500 million offering of 7¾% senior notes on April 18.

Holders who participated in the tender offer and wished to subscribe for the new notes may be given priority in the allocation of the new notes.

The dealer managers for the tender offer are J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com; +44 20 7134 2468) and Standard Chartered Bank (Liability_Management@sc.com; +44 20 7885 5739, 212 667-0351, +852 3983 8658,+65 6557 8286).

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 658-9457; pumaenergy@investor.morrowsodali.com; https://projects.morrowsodali.com/ pumaenergy) is the tender and information agent.

The maximum tender amount was expected to be equal to the aggregate principal amount of new notes that Puma International would price in a concurrent offering. The company announced separately on Thursday that it plans to issue five-year dollar-denominated senior notes guaranteed by Puma Energy.

Puma Energy is a Geneva and Singapore-based global fuel distributor, primarily across Latin America and Africa.

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