Indonesia’s Sritex begins tender offer for 9% notes, to sell new notes

By Marisa Wong

Morgantown, W.Va., May 23 – PT Sri Rejeki Isman Tbk. (Sritex) announced that wholly owned subsidiary Golden Legacy Pte. Ltd. has begun a cash tender offer for its $270 million outstanding 9% senior notes due 2019.

Golden Legacy is offering a total consideration of $1,052.50 per $1,000 principal amount, along with accrued interest to the settlement date.

The offer will expire at 9 a.m. ET on May 31.

The offer is subject to a financing condition, according to a press release.

Citigroup Global Markets Singapore Pte. Ltd. (+852 2501 2552 or 800 558-3745) and Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch (+852 2822 4100, 888 HSBC-4LM or +44 207 992 6237) are the dealer managers for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers and 877 478-5046 for all others) is the information and tender agent.

Concurrently with the tender offer, Golden Legacy will issue new senior notes, according to a separate press release.

Proceeds from the Regulation S offering will be used to repurchase the existing 9% notes under the tender offer, to repay working capital loans and for general corporate purposes.

Sritex is a textile manufacturer based in Jakarta, Indonesia.

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