Perusahaan Gas Negara launches tender offer for 5 1/8% notes due 2024

By Marisa Wong

Los Angeles, May 18 – PT Perusahaan Gas Negara Tbk. announced it has begun a tender offer to purchase for cash any and all of its $950 million outstanding 5 1/8% senior notes due 2024 (Cusip: Y7136YAA8, 69367PAA4).

The issuer is offering a tender offer consideration of $1,006 per $1,000 principal amount plus accrued interest.

The tender offer will expire at 5 p.m. ET on May 25, which is also the withdrawal deadline.

The guaranteed delivery deadline is 5 p.m. ET on May 30.

The company said the tender offer is part of its plan to proactively manage its upcoming debt maturities. The company intends to use proceeds from some external commercial loans from banks, together with cash on hand, to fund the tender offer.

BNP Paribas (+65 6210 3322, +44 20 7595 8668; dl.asia.syndicate@asia.bnpparibas.com; dl.liability.management@uk.bnpparibas.com); Mandiri Securities Pte. Ltd. (+65 6589 3880; dcm.group@mandirisekuritas.co.id); and Standard Chartered Bank (+65 6557 8252, +44 20 7885 5739, 212 667-0351; liability_management@sc.com) are dealer managers for the tender offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; pgn@is.kroll.com) is the information and tender agent.

The issuer is a Jakarta, Indonesia-based natural gas transportation and distribution company.

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