Sritex unit takes in tenders for $271.2 million of 8¼% notes

By Sarah Lizee

Olympia, Wash., Jan. 18 – Indonesia’s PT Sri Rejeki Isman Tbk. (Sritex) wholly owned subsidiary Golden Legacy Pte. Ltd. announced the early tender results for its offer to purchase up to $185 million of its $350 million 8¼% senior notes due 2021.

As of the early tender deadline of 5 p.m. ET on Jan. 17, holders of $271,198,000 of the notes had validly tendered and not withdrawn their notes, according to a notice.

Tendered notes may no longer be withdrawn.

As previously reported, Golden Legacy is offering a total consideration of $1,042.50 per $1,000 principal amount, which includes an early tender payment of $30.00 per $1,000 principal amount, along with accrued interest to the settlement date.

The offer will expire at 5 p.m. ET on Feb. 11.

The company said that if it elects to accept for early purchase the notes tendered prior to the early tender time, it is anticipated that the early acceptance date will be Jan. 23 and the early settlement date will be Jan. 28.

Because the total amount of notes tendered exceeds the tender cap, the principal amount of notes purchased from each holder on the early settlement date will be subject to proration and the issuer will not accept for purchase any further tenders after the early tender time. The proration factor for the offer will be 60.59987005%.

Where proration has resulted in the principal amount of notes that is less than the authorized denomination being returned to a holder or accepted for purchase by the issuer, the issuer will accept all of that holder’s validly tendered notes. Notes validly tendered before the early tender time and not accepted for purchase due to proration will be returned to holders.

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 20 7992 6237) are the dealer managers for the offer. D.F. King & Co., Inc. (212 269-5550 for banks and brokers and 800 515-4479, 852 3953-7231 or 44 20 7920 9700 for all others) is the information and tender agent.

The company said the purpose of the offer is to lower Sritex’s overall financing cost and is being made as part of its policy to proactively manage its debt liabilities.

Sritex is a textile manufacturer based in Jakarta, Indonesia.

© 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.