Indonesia’s Pertamina launches tender offer for 5¼% notes due 2021

By Marisa Wong

Los Angeles, Feb. 13 – PT Pertamina (Persero) said it has begun a tender offer to purchase for cash any and all of its $1 billion outstanding 5¼% senior notes due 2021 (Cusips: Y7138AAA8, 69369EAA7).

The tender offer will expire at 5 p.m. ET on Feb. 20.

The issuer is offering a consideration of $1,044.00 per $1,000 principal amount plus accrued interest to but excluding the payment date, which is expected to be Feb. 25.

Pertamina said it launched the tender offer as part of a refinancing transaction. The company is planning a concurrent benchmark-sized issue of new long-dated dollar-denominated fixed-rate senior debt securities, proceeds of which will be used to pay the tender offer consideration.

The tender offer is conditioned on the new notes issue. However, the company may choose to waive the financing condition.

Holders participating in the tender offer may be given priority in the allocation of new notes, the company said.

Tenders may be withdrawn at any time at or prior to the expiration time.

Citigroup Global Markets Inc. (+852 2501 2552, +44 20 7986 8969, 212 723-6106), Credit Agricole CIB (212 261-7802, 866 807-6030), the Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, +44 20 7992 6237, 212 525-5552), Mandiri Securities Pte. Ltd. (+65 6589 3880) and Mizuho Securities Asia Ltd. (+852 2685 2023) are dealer managers for the tender offer.

D.F. King & Co., Inc. (212 269-5550, 800 848-3405, +44 20 7920 9700, +852 3953 7208 or pertamina@dfking.com) is the information and tender agent.

The state-owned oil and gas company is based in Jakarta, Indonesia.

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