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Tunas Baru Lampung’s TBLA starts any-and-all offer for 7% notes
Chicago, July 8 – PT Tunas Baru Lampung Tbk. subsidiary TBLA International Pte. Ltd. launched a tender offer for its 7% guaranteed senior notes due 2023 (ISIN: XS1750550029), according to an announcement.
There are $198 million of the notes outstanding.
The company is offering to buy the notes for $1,035 per $1,000 notes.
The any-and-all offer will expire at 11 a.m. ET on July 13.
The offer is being made as part of the issuer’s efforts to proactively manage its balance sheet liabilities and optimize its debt structure.
The most recent tender offer for same series, in June, was capped at $35 million and noteholders were offered $965 per $1,000 note.
The company plans to redeem any notes remaining after this tender offer.
The parent company is conducting an offer of new senior notes to fund the tender offer.
Priority allocation for the new notes may be given to tendering noteholders of the old notes.
Joint dealer managers for the offer are CLSA Singapore Pte Ltd. (+65 6416 7888, sasea.dcm@clsa.com), Mandiri Securities Pte. Ltd. (+65 6589 3880, msliability.mgmt@mandirisek.co.id) and MUFG Securities EMEA plc (+44 20 7566 4145, +65 6232 7631, liability.management@mufgsecurities.com).
Lucid Issuer Securities Ltd. is the tender and information agent (+44 20 7704 0880, +852 2281 0114, tbla@lucid-is.com, https://deals.lucid-is.com/tbla).
The Indonesian issuer is a conglomerate with a special focus on vegetable oils, sugar and agriculture.
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