Puma gives results of capped tender offer, oversubscribed at deadline

By Mary-Katherine Stinson

Lexington, Ky., Aug. 16 – Puma International Financing SA announced the results from its offering to purchase its 5 1/8% dollar-denominated senior notes due 2024 (ISIN: XS1696810669, XS1696810743) and 2.65% euro-denominated amortizing senior notes due 2024 (ISIN: XS1128324164) for up to an aggregate purchase price of $410 million, according to a notice.

As of the expiration of the offer at 11 a.m. ET on Aug. 15, which was also the withdrawal deadline, holders tendered aggregate principal amounts of the 2024 notes totaling $425,005,000 and €33,333,333.40.

The issuer has accepted $377,468,000 aggregate principal amount of the tendered 2024 dollar notes and €29,615,166.71 aggregate principal amount of the tendered 2024 euro notes for purchase as the total tendered exceeded the $410 million cap. A proration factor of 84.5735% was applied to the dollar notes and 88.7588% to the euro notes.

As previously reported, Puma was offering to purchase the dollar-denominated notes at $1,000 per $1,000 principal amount and the euro-denominated notes at €1,000 per €1,000 principal amount.

The euro-to-dollar exchange rate used for the purposes of calculating the total purchase price at the offer deadline was 1.0941, as indicated on the Bloomberg screen page, according to the notice.

The company will also pay accrued interest.

Settlement is expected to take place on Aug. 18.

The issuer had launched a consent solicitation in May aimed at modifying some pro rata repayment requirements under its 5% dollar-denominated notes due 2026 in order to deploy proceeds from a sale of infrastructure and storage assets toward the repayment of the 2024 notes without being subject to a pro rata offer requirement with respect to the 2026 notes. The solicited amendments were intended to facilitate a larger deleveraging transaction in which the issuer’s earlier-maturing 2024 notes would be repaid, repurchased, prepaid or redeemed in full by no later than Dec. 31.

The required consents to the solicited amendments to the 2026 notes were subsequently obtained on June 9, and the amendments became operative on June 16.

The dealer manager for the 2024 notes offer is J.P. Morgan Securities plc (em_europe_lm@jpmorgan.com).

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

The issuer’s parent, Puma Energy, is a Singapore-based multinational downstream oil company.

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