Puma Energy to accept 51.87% of early tendered 6¾% notes via Merrill

By Susanna Moon

Chicago, Oct. 2 – Puma Energy Holdings Pte. Ltd. said investors had tendered $629,043,000, or 62.9%, of the 6¾% senior notes due 2021 issued by Puma International Financing SA and guaranteed by Puma Energy as of the early tender deadline at 5 p.m. ET on Sept. 29.

As announced Sept. 18, Puma is tendering for $300 million of the $1 billion outstanding notes.

Merrill Lynch International will buy the notes, and it will then exchange them with the company for cash and new notes.

Because the offer has been oversubscribed, Merrill will accept the early tendered notes for purchase using a proration factor of 51.86666%, according to a notice.

Of the tendered amount, holders had tendered $500,085,000 principal amount of the notes with a request for a priority allocation of new notes.

The tender will be funded by an offering of new dollar-denominated senior notes.

The tender cap may be increased or decreased after pricing of the new notes, in which case the proration factor will be amended accordingly, the company added.

The total tender price 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.

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

The tender had been set to end at 11:59 p.m. ET on Oct. 16.

Early settlement is planned for Oct. 3 and final settlement for Oct. 18.

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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