By Toni Weeks
San Luis Obispo, Calif., June 3- Indonesia's KrisEnergy intends to use the proceeds of its upsized S$130 million of 6¼% notes due June 9, 2017 to develop two oil projects in the Gulf of Thailand, both of which are scheduled to begin production in 2015, and for acquisitions.
The company initially priced S$100 million of the notes at par to yield 6¼%, then upsized the deal to S$130 million due to strong demand.
"This is our first Singapore-dollar issue under our newly established medium-term note program, and we are extremely pleased with the investor support we received," chief executive officer Keith Cameron said in a company notice. "With the initial deal size of S$100 million subscribed almost eight times, we felt comfortable to increase the issuance to S$130 million."
Standard Chartered Bank was the active bookrunner for the Regulation S deal. HSBC was the passive bookrunner.
"This transaction was landmark in that KrisEnergy is the only oil and gas exploration and production company to access the Singapore dollar market in at least the last five years, if not the first," Rob Mason, global co-head of High Yield Debt Capital Markets at Standard Chartered Bank, said in the notice.
The issuer is a Jakarta-based oil and gas company.
| Issuer: | KrisEnergy
|
| Amount: | S$130 million
|
| Maturity: | June 9, 2017
|
| Description: | Notes
|
| Bookrunners: | Standard Chartered Bank (active), HSBC (passive)
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Change of control put: | At 101
|
| Trade date: | June 2
|
| Settlement date: | June 9
|
| Distribution: | Regulation S
|
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