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BUMA sees early tenders of $152.99 million of 7¾% notes due 2026
By Mary-Katherine Stinson
Lexington, Ky., March 19 – PT Bukit Makmur Mandiri Utama (BUMA) announced the early results of its tender offer and consent solicitation for its $365.74 million of outstanding 7¾% senior notes due 2026 (Cusips: 74445NAB3, Y71300AB6) guaranteed by BUMA Australia Pty Ltd., according to a notice.
Holders have tendered $152.99 million, or about 41.83% of the total outstanding principal, of the notes by the early deadline of 5 p.m. ET on March 18. All the tendered notes have been accepted for purchase.
The company is offering a total early consideration of par for noteholders who tender by the early deadline. The early consideration includes a $2.50 consent fee for the related consent solicitation. Late tendering noteholders will receive $970 per $1,000 note. Accrued interest will also be paid.
BUMA also announced it received the required consents from the required majority of noteholders to amend the supplemental indenture governing the notes.
Tendering noteholders are deemed to have consented. However, noteholders may consent without tendering their notes and will receive the $2.50 consent fee.
The second supplemental indenture, making the proposed amendments effective, will be executed on payment of the consent fee. Once the proposed amendments become operative, all holders will be bound by them regardless of consent.
Initial settlement will be March 25.
The offer expires at 5 p.m. ET on April 2.
Final settlement is planned three days after the offer expires.
BNI Securities Pte. Ltd. (+65 6911 3752, +65 6911 3759, liabilitymanagement@bnisecurities.com.sg) and Deutsche Bank AG, Singapore Branch (+65 6423 5342, dcm.sea@list.db.com) are the joint dealer managers and solicitation agents.
Morrow Sodali Ltd. is the tabulation, information and tender agent (+44 20 4513 6933, +852 2319 4130, 203 658 9457, buma@investor.morrowsodali.com, https://projects.morrowsodali.com/buma).
Bukit Makmur Mandiri Utama is a coal mining company based in Jakarta, Indonesia.
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