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Puma Energy tenders for $300 million 6¾% notes via Merrill Lynch
New York, Sept. 18 – Puma Energy Holdings Pte. Ltd. announced a tender offer for $300 million of the $1 billion of outstanding 6¾% senior notes due 2021 issued by Puma International Financing SA and guaranteed by Puma Energy.
Merrill Lynch International will buy the notes, and it will then exchange them with the company for cash and new notes, according to a notice.
The price on offer is $1,036.75 per $1,000 principal amount, which includes an early tender payment of $36.75 per $1,000 that will only be paid to those who participate by the early tender deadline of 5 p.m. ET on Sept. 29.
Holders will also receive accrued interest up to but excluding the settlement date.
The tender ends at 11:59 p.m. ET on Oct. 16.
Early settlement is planned for Oct. 3 and final settlement for Oct. 18.
If the offer is fully subscribed by the early deadline then no further notes will be accepted subsequently.
In addition, holders who participate in the tender may request a priority allocation of new notes.
The tender will be funded by an offering of new dollar-denominated senior notes.
After the tender ends, Puma may exercise its call option to redeem some or all of the notes. If it does, the price will be 103.375% of par plus accrued interest, a sum that falls to 101.6875% of par plus accrued interest on Feb. 1, 2018.
Merrill Lynch International (+44 20 7996 5420, 980 388-3646, 888 292-0070 or dg.lm_emea@baml.com) and Societe Generale (+44 20 7676 7951, 212 278-6957, 855 881-2108 or liability.management@sgcib.com) are dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880 or puma@lucid-is.com) is tender agent and information agent.
Puma Energy is a midstream and downstream oil company based in Singapore.
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