Malaysia's Tenega receives tenders for $394 million of notes, sets pricing

By Reshmi Basu

New York, April 27 - Tenaga Nasional Bhd. said its subsidiary TNB Capital has received tenders of $394 million of its notes due 2007. It also announced pricing.

Tenaga said that as of Monday it had received tenders of $65.9 million of its 7.20% notes due April 29, 2007 and $328.10 million of its 7 5/8% notes due April 29, 2007.

TNB Capital will pay $1,064.57 for each $1,000 principal amount of the 7.2% notes and $1,072.62 for each $1,000 principal amount of the 7 5/8% notes tendered by the early deadline of 5 p.m. ET on Monday. After that date, the price is $1,034.57 for each $1,000 principal amount of the 7.2% notes and $1,042.62 for each $1,000 principal amount of the 7 5/8% notes.

Pricing was set using a spread of 15 basis points over the 3¾% Treasury due March 31, 2007 at 12 p.m. ET on April 25.

The offer expires at 5 p.m. ET on April 29. Tenaga began the tender on April 7.

The company is tendering for $107.55 million of its 7.2% notes and $500 million of its 7 5/8% notes.

Tenaga Nasional, based in Kuala Lumpur, is a Malaysian energy provider.

Barclays Capital, CIMB and Credit Suisse First Boston are dealer-managers and solicitation agents for the tender offer. The information agent is Bondholder Communications Group (888 385-2663 or call collect 212 809-2663).

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