Indonesia Asahan Aluminium waives offer cap, accepts all tendered notes

By Marisa Wong

Los Angeles, July 22 – PT Indonesia Asahan Aluminium (Persero) announced the results of its concurrent but separate offers to purchase for cash any and all of the notes from three series launched on July 15.

The company has waived the $1 billion maximum purchase price condition in order to accept the aggregate principal amount tendered in the offers, according to a Friday press release.

As of 5 p.m. ET on July 21, the expiration time of the offers, holders had tendered the following notes, listed in order of acceptance priority level and with the consideration per $1,000 principal amount:

• $393,968,000 of the $750 million 6.757% notes due 2048 (ISIN: USY7140WAB47, US74445PAB85), which includes $200,000 tendered under guaranteed delivery procedures, at $941, leaving $356,032,000 principal amount outstanding;

• $401.54 million of the $1 billion 6.53% notes due 2028 (ISIN: USY7140WAC20, US74445PAC68), which includes $933,000 tendered under guaranteed delivery procedures, at $1,032, leaving $598.46 million principal amount outstanding; and

• $363,294,000 of the $1.25 billion 5.71% notes due 2023 (ISIN: USY7140WAD03, US74445PAD42) at $1,023, leaving $310,939,000 principal amount outstanding.

Acceptance of the notes tendered under guaranteed delivery procedures remains subject to delivery at or prior to 5 p.m. ET on July 25.

The company will also pay accrued interest to but excluding the settlement date, which is expected to be July 26.

BNP Paribas (liability.management@bnpparibas.com; dl.asia.syndicate@asia.bnpparibas.com; +852 2108 5228), J.P. Morgan (liability_management_hk@jpmorgan.com; +852 2800 8019) and Mandiri Securities (msliabilitymgmt@mandirisek.co.id; +65 6589 3880) are the dealer managers.

Morrow Sodali Ltd. (mindid@investor.morrowsodali.com; https://projects.morrowsodali.com/mindid; +852 2319 4130; +44 20 4513 6933; 203 609-4910) is the information and tender agent.

The company said the purpose of the offers is to optimize financing costs and actively manage its leverage.

Known as Inalum, the Jakarta-based issuer is a state-owned national mining company appointed by the Indonesian government as the holding company for Indonesia’s mining operators.

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