Indonesia’s Medco Energi starts $250 million capped tender offer

Chicago, Oct. 11 – PT Medco Energi Internasional Tbk. started a $250 million capped tender offer for three senior notes, according to an announcement.

The cap is the aggregate purchase price. Interest will also be paid.

Listed by acceptance priority level, the tender offer covers the:

• $500 million outstanding 6¾% senior notes due 2025 issued by Medco Platinum Road Pte. Ltd. (Cusips: 58406HAA8, Y59505AA8) for $980 per $1,000 principal amount;

• $539,306,000 outstanding of the original $650 million of 7 3/8% senior notes due 2026 issued by Medco Oak Tree Pte. Ltd. (Cusips: 58405FAA3, Y59501AA7) for $930 per $1,000 principal amount; and

• $601,695,000 outstanding of the original $650 million of 6 3/8% senior notes due 2027 issued by Medco Bell Pte. Ltd. (Cusips: 58406LAA9, Y56607AA5) for $850 per $1,000 principal amount.

The considerations listed above include $30 early tender premiums that will not be paid to noteholders who tender their notes after the early deadline.

Notes tendered before the early deadline will be given acceptance priority over notes tendered after the early deadline.

All of the notes are guaranteed by Medco Energi as parent guarantor.

The purpose of the offer is to reduce existing debt.

Funding for the offer will come from cash on hand and from a $150 million credit agreement that has not yet been entered into.

Tenders may be subject to proration.

The early tender deadline is 5 p.m. ET on Oct. 24, also the withdrawal deadline.

The expiration deadline is 11:59 p.m. ET on Nov. 7.

Results will be announced on Nov. 8.

Settlement is planned for Nov. 14.

The dealer managers are Australia and New Zealand Banking Group Ltd. (+65 6681 8969, dcmsg@anz.com), BNI Securities Pte. Ltd. (+65 6911 3752, +65 6911 3759, liabilitymgmt@bnisecurities.com.sg), BNP Paribas (+852 2108 5228, +44 20 7595 8668, dl.asia.syndicate@asia.bnpparibas.com, liability.management@bnpparibas.com) or DBS Bank Ltd. (+65 6878 9821, liabilitymanagement@dbs.com).

Morrow Sodali Ltd. is the tender and information agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, medco@investor.morrowsodali.com).

Medco Energi is a Jakarta, Indonesia-based energy and natural resources company.

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