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Indonesia’s Indika offers to buy some 5 7/8%, 8¼% senior notes
Chicago, June 8 – Indika Energy Capital III Pte. Ltd. and Indika Energy Capital IV Pte. Ltd. commenced a modified Dutch auction tender offer for two series of notes on Wednesday, according to an announcement.
Capital III is offering to buy up to $200 million aggregate purchase price of the $750 million outstanding 5 7/8% senior notes due 2024 (ISINs: US45569FAA21, USY39694AA51).
Capital IV is offering to buy up to $50 million aggregate purchase price of the $675 million outstanding 8¼% senior notes due 2025 (ISINs: US45569GAA04, USY39690AA30).
Both notes are guaranteed by PT Indika Energy Tbk. Noted in the announcement, the parent guarantor has previously purchased $28,637,000 of the 2024 notes and $19.55 million of the 2025 notes.
Noteholders may either submit competitive tender instructions or non-competitive tender instructions.
For the 2024 notes, the accepted bid price range is between $977.50 to $1,007.50.
For the 2025 notes, the accepted bid price range is between $1,002.50 to $1,025.
Both offers will include a $50 early tender premium (per $1,000 principal amount) in the total considerations which will not be paid to noteholders who tender after the early deadline.
Accrued interest will be paid in both cases.
The early tender deadline is 5 p.m. ET on June 22, also the withdrawal deadline.
The tender offers will expire at 11:59 p.m. ET on July 7.
Settlement is planned for July 14.
The caps could be modified if a series is undersubscribed. In that case, the other series cap could be increased.
The dealer managers are Mandiri Securities Pte. Ltd. (+65 6589 3880, msliability.mgmt@mandirisek.co.id) and Standard Chartered Bank (Singapore) Ltd. (+44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com).
Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 609-4910, indika@investor.morrowsodali.com) is the information and tender agent.
Indika is an energy company based in Jakarta, Indonesia.
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