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Perusahaan Gas Negara details oversubscribed early tender results
Chicago, Dec. 12 – PT Perusahaan Gas Negara Tbk. announced the oversubscribed early tender results for its capped offer for up to $400 million principal amount of its $1.35 billion outstanding 5 1/8% senior notes due 2024 (Cusips: Y7136YAA8, 69367PAA4), according to an announcement.
As of the early deadline, noteholders tendered $669,626,000 of their notes, or 49.6% of the amount outstanding.
Because the offer has been oversubscribed, a scaling factor of 56.5885% will be applied to the tendered notes.
The company is maintaining the $400 million cap. After the offer settles, there will be $950 million of the notes outstanding.
The early tender offer consideration is $1,005.50 per $1,000 note, inclusive of a $6.00 early consideration that was not going to be paid to noteholders after the early deadline. Interest will also be paid to the payment date.
The company is using cash on hand to fund the tender offer.
The purpose of the tender offer is to proactively manage the company’s upcoming debt maturities.
The early deadline was 5 p.m. ET on Dec. 9.
The offer will technically expire at 11:59 p.m. ET on Dec. 23.
However, as the offer has been oversubscribed, no more notes will be accepted.
The early payment date is expected for Dec. 14, and the final payment date was scheduled for Dec. 28.
HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, 888 HSBC-4LM, 212 525-5552, liability.management@hsbcib.com), Mandiri Securities Pte. Ltd. (+65 6589 3880, msliability.mgmt@mandirisek.co.id) and Standard Chartered Bank (+65 6981 8031, +65 6981 8032, liabilitymanagement@sc.com) are the dealer managers.
Kroll Issuer Services Ltd. is the information and tender agent (+44 20 7704 0880, +852 2281 0114, pgn@is.kroll.com, https://deals.is.kroll.com/pgn).
The issuer is a Jakarta, Indonesia-based natural gas transportation and distribution company.
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