Thai Oil holders tender $283.62 million 3 5/8% notes, $327.59 million 4 7/8% notes for new issue

By Susanna Moon

Chicago, April 9 – Thai Oil PCL said investors had tendered $283,619,000 principal amount of its $500 million 3 5/8% senior notes due 2023 and $327,587,000 principal amount of its $500 million 4 7/8% senior notes due 2043.

Holders who tendered notes after the early deadline of 5 p.m. ET on March 21 will also receive the early tender premium in addition to the tender price and accrued interest, according to a company update on Monday.

The tender offers ended at 11:59 p.m. ET on April 5.

Noteholders that tendered their notes in the offers were required to subscribe for senior notes issued by Thaioil Treasury Center Co. Ltd. with terms substantially identical to those tendered, the release noted.

Holders also had the option to subscribe to a possible offering of new notes.

After settlement on April 10, the outstanding amount will be $216,381,000 for the 2023 notes and $172,413,000 for the 2043 notes.

The “like-kind” notes and any new money notes will be issued under the company’s $1.3 billion global medium-term note program.

“The tender offers are part of the company’s active management of its capital structure, in particular to streamline and optimize its capital structure by consolidating its debt obligations at a central treasury center, the new issuer,” according to the company’s announcement on March 7.

The offers were made to holders in who are qualified institutional buyers under Rule 144A.

Australia and New Zealand Banking Group Ltd. (+65 6681 8969 or AsiaBondSyndicate@anz.com), Citigroup Global Markets Inc. (212 723-6106, +44 20 7986 8969, +852 2501 2552 or liabilitymanagement.asia@citi.com), Merrill Lynch (Singapore) Pte. Ltd. (888 292-0070, +44 20 7996 5420, +65 6678 0000 or dg.lm_emea@baml.com) and Standard Chartered Bank (+65 6596 8116/ +65 6596 8807 or Liability_Management@sc.com) are the dealer managers. D.F. King (+44 20 7920 9700, +852 3953 7230, 212 269-5550, 800 249-7120, fax 212 709-3328, thaioil@dfkingltd.com or https://sites.dfkingltd.com/thaioil) is the information and tender agent.

Thai Oil is a Bangkok-based oil refiner.

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