India-focused Indus Gas starts exchange offer for 8% notes due 2022

By Mary-Katherine Stinson

Lexington, Ky., Nov. 21 – Indus Gas Ltd. launched an exchange offer for its S$150 million 8% senior notes due December 2022 (ISIN: XS1734080648) of its S$300 million multicurrency medium-term note program, according to a notice.

The company is offering to exchange any and all existing notes for new 8% senior notes due December 2027, any accrued interest and cash in lieu of any fractional amount of notes per $1,000 principal amount of the outstanding existing notes tendered.

The offer will expire at 3 a.m. ET on Nov. 28.

Settlement is expected for Nov. 30.

Eligible holders may accept the exchange offer prior to the expiration deadline by submitting a valid electronic instruction to the relevant clearing system.

Phillip Securities Pte. Ltd. is the dealer manager and Deutsche Bank AG, Hong Kong Branch is the tabulation and exchange agent.

The company will also conduct a concurrent offering to issue and sell additional new notes for up to $25 million and, together with the exchange offer, the new notes may aggregate up to $175 million. Upon issuance, any additional new notes sold in the concurrent new money issuance will be on the same terms and form a single series with the corresponding new notes issued under the exchange offer.

Indus Gas is an oil and gas exploration and development company with assets in India. It is based in St. Peter Port, Guernsey, with an office in London.

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