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BPRL launches capped tender offer for 4 3/8% notes due 2027
By Mary Katherine Stinson
Lexington, Ky., Jan. 16 – BPRL International Singapore Pte Ltd. launched a tender offer to purchase for cash up to $120 million of its outstanding $600 million 4 3/8% notes due 2027 (ISIN: XS1548865911) issued under its $2 billion medium-term note program, according to an announcement.
The notes are guaranteed by Bharat Petroleum Corp. Ltd.
The purchase price will be determined under a modified Dutch auction procedure.
The minimum purchase price will be $982 per $1,000 principal amount of the notes plus accrued interest. There is no maximum purchase price.
Electronic instructions will be irrevocable except in limited circumstances. Electronic instructions may be submitted in the form of either a non-competitive offer or a competitive offer.
The order of acceptance will be as follows: all validly submitted non-competitive offers will be accepted first, all validly submitted competitive offers lower than the purchase price will be accepted second and all validly submitted competitive offers equal to the purchase price will be accepted third. The notes are subject to possible proration.
The offer is conditioned upon the satisfaction or waiver of certain general conditions.
The offer expires at 11 a.m. ET on Jan. 23 with results announced on Jan. 24.
Settlement is expected for Jan. 25.
DBS Bank Ltd. (+65 6878 9821, dbstmg@dbs.com) and HSBC Ltd. (+852 3941 0223, + 44 20 7992 6237, liability.management@hsbcib.com) are the dealer managers.
Morrow Sodali Ltd. is the information and tabulation agent (+44 20 4513 6933, +852 2319 4130, bpcl@investor.morrowsodali.com, https://projects.morrowsodali.com/bpcl).
As stated in the notice, the offer is being made as part of the active liability management of the company’s balance sheet.
BPRL focuses on refining, marketing, and operating gas stations. The company serves customers in Singapore.
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