Medco Energi offers to buy $150 million of notes from two series

Chicago, May 2 – Indonesia’s PT Medco Energi Internasional Tbk. launched a cash tender offer for up to $150 million aggregate purchase price of notes from two series, according to a notice.

The notes in the tender offer are the $650 million 7 3/8% senior notes due 2026 issued by Medco Oak Tree Pte. Ltd. (Cusips: 58405FAA3, Y59501AA7) and the $650 million of 6 3/8% senior notes due 2027 issued by Medco Bell Pte. Ltd. (Cusips: 58406LAA9, Y56607AA5).

The company is offering an early tender premium of $1,008 per $1,000 note for the notes due 2026 and $980 per $1,000 note for the notes due 2027. The deadline to receive the full consideration is 5 p.m. ET on May 15.

Noteholders may tender after that deadline and before 5 p.m. ET on May 31, but they will receive the consideration minus a $30 early tender consideration per note.

Accrued interest will also be paid in each case.

The early deadline is also the withdrawal deadline.

Results will be announced on June 3.

Settlement is expected on June 5.

The issuers are making the offers to reduce outstanding debt and to reprofile the debt maturities of the parent guarantor and its subsidiaries by paying down debt with cash and/or replacing bullet maturity debt with loans that have amortizing repayments scheduled.

Purchased notes will be canceled.

ING Bank NV, Singapore Branch (+65 6232 6289, +44 20 7767 6784, liability.management@ing.com), Mandiri Securities Pte. Ltd. (+65 6589 3890, dcm.group@mandirisekuritas.co.id), Morgan Stanley Asia (Singapore) Pte. (800 624-1808, 212 761-1057, +44 20 7677 5040, +852 2239 1484, debt_advisory@morganstanley.com) and Standard Chartered Bank (Singapore) Ltd. (+44 20 7885 5739, +852 3983 8658, +65 6557 8286, liability_management@sc.com) are the dealer managers.

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

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

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