Thailand’s GC Treasury starts tender offers for three notes

By Marisa Wong

Los Angeles, April 16 – GC Treasury Center Co. Ltd. announced three concurrent, but separate, offers to purchase for cash three series of notes, according to a press release.

The company is offering to purchase any and all of the following notes, listed in order of acceptance priority level:

• $1 billion 4.4% senior notes due 2032 (ISIN: US36830DAD30, US36830BAD73), with $800 million outstanding, at a price of 91.625;

• $550 million 4.3% senior notes due 2051 (ISIN: US36830DAC56, US36830BAC90), with $525,163,000 outstanding, at a price of 77.5; and

• $300 million 5.2% senior notes due 2052 (ISIN: US36830DAF87, US36830BAF22), with $240 million outstanding, at a price of 88.75.

In addition to the fixed price, the company will pay accrued interest.

The company has set a tender offer cap of $700 million covering all the series.

If the total amount tendered of a particular series, taken together with the aggregate amount of tendered notes of series with a higher acceptance priority level that are accepted for purchase, exceeds the offer cap, then the issuer will not be obligated to accept for purchase notes from that series.

If the offer cap is not met with respect to every series, then the issuer will accept the notes in order of acceptance priority, accepting notes of a given series as long as the aggregate amount of notes accepted does not exceed the cap.

If any series of notes is accepted for purchase, all notes of that series will be accepted for purchase. No series will be subject to proration.

As a result, it is possible that any series of notes with any acceptance priority level will fail to meet the maximum tender condition and will not be accepted for purchase, even if one or more series with a lower acceptance priority level is accepted for purchase.

The offers will expire at 5 p.m. ET on April 23. Tenders may be withdrawn prior to that deadline.

Results will be announced on April 24.

Tenders under guaranteed delivery procedures are due by 5 p.m. ET on April 25.

Settlement will be on April 26.

BNP Paribas (dl.asia.syndicate@asia.bnpparibas.com; liability.management@bnpparibas.com; +65 6210 3322, +44 20 7595 8668) is the dealer manager.

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

GC Treasury is a Bangkok-based investment company. Its parent company PTT Global Chemical is a petrochemical company also based in Bangkok.

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