Thailand’s GC Treasury waives cap to accept tenders of $753.52 million

By Mary-Katherine Stinson

Lexington, Ky., April 24 – GC Treasury Center Co. Ltd. announced the results of its three concurrent, but separate, offers to purchase for cash three series of notes, according to a press release.

In total, $753,519,000 principal amount of notes covering all the series were tendered by the expiration of the offer at 5 p.m. ET on April 23.

The company originally set a tender offer cap of $700 million across all the series, but that has been waived to allow for the acceptance of all the tendered notes.

The results by series, listed in order of acceptance priority level, are as follows:

• $464,867,000 of the outstanding $800 million 4.4% senior notes due 2032 (ISIN: US36830DAD30, US36830BAD73) were tendered and accepted for purchase at a fixed price of $916.25 per $1,000 of notes;

• $151,632,000 of the outstanding $525,163,000 4.3% senior notes due 2051 (ISIN: US36830DAC56, US36830BAC90) were tendered and accepted for purchase at a fixed price of $775 per $1,000 of notes; and

• $137.02 million of the outstanding $240 million 5.2% senior notes due 2052 (ISIN: US36830DAF87, US36830BAF22) were tendered and accepted for purchase at a fixed price of $887.50 per $1,000 of notes.

The totals include $3,495,000 aggregate principal amount of the 2032 notes and $800,000 aggregate principal amount of the 2051 notes tendered via guarantee delivery procedures. None of the 2052 notes were received via this method.

In addition to the fixed price, the company will pay accrued interest.

Under the terms of the offers, all notes of any series must be accepted for purchase if any of the notes were accepted. No series was subject to proration.

The withdrawal deadline was 5 p.m. ET on April 23.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on April 25.

Settlement will be on April 26.

After settlement, assuming the purchase of all the notes tendered by guaranteed delivery procedures, $335,133,000 of the 2032 notes, $373,531,000 of the 2051 notes and $102.98 million of the 2052 notes will remain outstanding.

The notes were originally issued for $1 billion, $550 million and $300 million, respectively.

BNP Paribas (dl.asia.syndicate@asia.bnpparibas.com; liability.management@bnpparibas.com; +65 6210 3322, +44 20 7595 8668) is the dealer manager.

The information and tender agent is Morrow Sodali Ltd/ (pttgc@investor.morrowsodali.com; https://projects.morrowsodali.com/pttgc; +852 2319 4130, +44 20 4513 6933, 203 658 9457).

GC Treasury is a Bangkok-based investment company. Its parent company PTT Global Chemical is a petrochemical company also based in Bangkok.

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