Puma Energy launches capped tender offer for 5% notes due 2026

By Marisa Wong

Los Angeles, April 11 – Puma International Financing SA is offering to purchase for cash up to a maximum tender amount of its $720 million outstanding 5% senior notes due 2026 (ISIN: XS1751117604, XS1751189348) guaranteed by parent company Puma Energy Holdings Pte. Ltd., according to a notice.

The issuer is offering a total consideration of $990 per $1,000 principal amount. The total consideration includes an early tender payment of $50 per $1,000 of notes tendered by the early tender deadline.

Holders tendering after the early tender deadline will only be eligible to receive the tender offer consideration of $940 per $1,000 principal amount.

In addition, the issuer will pay accrued interest.

The maximum tender amount is expected to be equal to the aggregate principal amount of new notes that Puma International will price in a concurrent offering. The company announced separately on Thursday that it plans to issue five-year dollar-denominated senior notes guaranteed by Puma Energy.

The tender offer cap may be increased or decreased at the issuer’s discretion.

Tenders may be subject to proration.

The early tender deadline is 11 a.m. ET on April 24.

The issuer may choose to settle early tendered notes on an early settlement date, which would be April 29.

The offer will expire at 4 a.m. ET on May 10.

Final settlement is expected to be on May 15.

The tender offer is conditioned on pricing of the new notes.

Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.

The dealer managers for the tender offer are J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com; +44 20 7134 2468) and Standard Chartered Bank (Liability_Management@sc.com;+44 20 7885 5739, 212 667-0351, +852 3983 8658,+65 6557 8286).

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 658-9457; pumaenergy@investor.morrowsodali.com; https://projects.morrowsodali.com/ pumaenergy) is the tender and information agent.

Puma Energy is a Geneva and Singapore-based global fuel distributor, primarily across Latin America and Africa.

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