Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for PT Pertamina Internasional Eksplorasi dan Produksi > News item |
Maurel & Prom reopens tender for Ornanes due 2019, 2021 in PIEP offer
New York, Feb. 3 Maurel & Prom SA said it was reopening the tender offer for its Ornanes due 2019 and Ornanes due 2021.
The offer is being reopened because a change-of-control has occurred under the terms of the indenture for the convertibles due to the offer for Maurel & Proms securities by PT Pertamina Internasional Eksplorasi dan Produksi (PIEP), according to a news release.
Settlement of PIEPs offer on Feb. 1 triggered the change of control. The tender had run from Dec. 15 to Jan. 19.
The offer for the Ornanes was restarted on Jan. 27 and will run through Feb. 9.
In addition, because of the change of control, the Ornanes will be putable for cash from Feb. 6 through March 3, with settlement on March 10.
For both series of Ornanes, the payment will be par plus accrued interest. For the Ornanes due 2019 that will equal 17.31225, made up of the 17.26 nominal value plus 0.05225 of interest. The Ornanes due 2021 are redeemable at 11.07645, consisting of the 11.02 nominal value plus 0.05645 of accrued interest.
As previously reported, in the earlier offer, after settlement on Feb. 1, PIEP will hold 6,845,626, or 46.7%, of the Ornanes due 2019 and 3,848,620, or 36.88%, of the outstanding Ornanes due 2021.
The purchase price was 17.28 per Ornanes due 2019 and 11.05 per Ornanes due 2021, or par plus accrued interest.
The company said on Dec. 2 that its board of directors was recommending that holders tender their Ornanes due 2019 and Ornanes due 2021 in the PIEP offer.
PIEP, a subsidiary of Indonesia oil company Pertamina, acquired 47,916,026 shares held by Pacifico and representing 24.53% of the capital of Maurel & Prom, for a price of 4.20 per share.
PIEP was offering to purchase the Ornanes at a price per share equal to that paid to Pacifico in the context of the acquisition per Ornane equal to their principal amount plus accrued interest.
Following the offer, PIEP holds 125,924,574 shares and voting rights of Maurel & Prom, or 64.46% of the share capital and 63.35% of the voting rights.
Maurel & Prom is an oil company based in Paris.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.