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Saka Energi Indonesia tender offer oversubscribed at early deadline
By Mary-Katherine Stinson
Lexington, Ky., March 17 – PT Saka Energi Indonesia repurchased $220 million of its $625 million outstanding 4.45% senior notes due 2024 (Cusips: Y7140VAA8, 69371EAA3) on March 16 which was the early settlement date of its previously announced tender offer, according to a company release.
On Monday, the company announced that noteholders tendered $377,578,000 of the notes, exceeding the tender cap of $220 million.
A proration factor of 53.64918% was applied to the notes validly tendered by the early deadline.
As previously reported, the company was offering to pay $985 per $1,000 note, inclusive of a $7.50 early tender premium for notes tendered by the early deadline. Interest was also paid to the settlement date.
All notes tendered were surrendered for cancellation under the indenture.
After cancellation, $405 million remains outstanding.
The tender offer will remain open until the expiration of 5 p.m. ET on March 25.
However, since the tender cap was reached, no more notes will be accepted for repurchase and any notes tendered will be returned to the noteholders.
The purpose of the tender offer is to proactively manage the company’s upcoming debt maturity.
BNP Paribas (+65 6210 3321, +44 20 7595 8668), HSBC Ltd. (+852 3941 0023, +44 20 7992 6237, 212 525-5552) and Mandiri Securities Pte. Ltd (+65 6589 3880) are the dealer managers.
Lucid Issuer Services Ltd. is the information and tender agent (+44 20 7707 0880, +852 2281 0114, saka@lucid-is.com, https://deals.lucid-is.com/saka).
The issuer is a wholly owned upstream oil and gas subsidiary of PT Perusahaan Gas Negara Tbk. (PGN). The company is based in South Jakarta.
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