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Thailand’s PTT takes in $469.15 million tenders for 4.6% securities
By Wendy Van Sickle
Columbus, Ohio, Dec. 4 – PTT Exploration and Production PCL announced that $469,148,000, or 93.83%, of its $500 million of 4.6% subordinated perpetual capital securities issued by PTTEP Treasury Center Co. Ltd. were tendered by the final deadline in its offer to purchase the notes for cash.
The offer expired at 5 p.m. ET on Dec. 3 after having been pushed back from 10:59 p.m. ET on Nov. 26.
PTT Exploration guarantees the securities.
As previously reported, the company was originally offering $1,041.25 per $1,000 principal amount of securities, but because more than 80% of the existing securities were tendered, the consideration jumped to $1,046.25.
Holders will also receive accrued dividends.
Because more than 80% of the securities were tendered under the offer, the issuer plans to call the remaining $30,852,000 of securities for redemption at par plus accrued dividends.
Settlement is now expected on Dec. 6.
The offer was announced on Nov. 15.
PTTEP Treasury Center is also offering dollar-denominated long-dated fixed-rate senior notes to be guaranteed by PTT Exploration. Holders who participate in the tender offer may be given preference in allocation of the new notes, the company said.
The dealer managers for the tender offer are Citigroup Global Markets Inc. (212 723-6106, +44 20 7986 8969, +852 2501 2552 and liabilitymanagement.asia@citi.com), Merrill Lynch (Singapore) Pte. Ltd. (888 292-0070, +44 20 7996 5420, +656 678 0000 and DG.LM-EMEA@bofa.com), Hongkong and Shanghai Banking Corp. Ltd. (888 292-0070, +44 20 7996 5420, +65 6678 0000 and liability.management@hsbcib.com) and Societe Generale (+65 63 26 70 34, +33 1 42 13 32 40, 855 881-2108 and liability.management@sgcib.com).
D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, 212 269-5550, 800 488-8075 and pttep@dfkingltd.com) is the information and tender agent.
The oil and gas company is based in Bangkok.
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