Tunas Baru Lampung’s TBLA terminates tender offer for 7% notes

By Wendy Van Sickle

Columbus, Ohio, July 28 – PT Tunas Baru Lampung Tbk. subsidiary TBLA International Pte. Ltd. terminated its tender offer for its 7% guaranteed senior notes due 2023 (ISIN: XS1750550029), according to an announcement.

The company had announced the tender offer on July 16.

The offer initially was set to expire at 11 a.m. ET on July 13 and had been extended twice, the latest time to 11 a.m. ET on July 23.

The company was offering to buy the notes for $1,035 per $1,000 note.

There are $198 million of the notes outstanding. Any notes that were submitted under the offer will not be purchased.

The parent company was planning an offering of new senior notes to fund the tender offer, as previously reported.

Priority allocation for the new notes was to be given to tendering noteholders of the old notes.

Joint dealer managers for the offer were 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. was 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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