Sawit Sumbermas unit starts capped tender offer, consent solicitation

Chicago, June 28 – PT Sawit Sumbermas Sarana Tbk. started a tender offer for holders of SSMS Plantation Holdings Pte. Ltd.’s 7¾% senior notes due 2023 (ISIN: XS1712553418), according to an announcement.

The company is offering to buy up to $270 million principal amount of the notes, of which there are $300 million outstanding.

The offer is for $900 per $1,000 principal amount of notes. Accrued interest will be paid to the settlement date.

Concurrently with the offer, the company is soliciting consents to amend the indenture to waive any existing or past defaults and any rights for payment of principal, interest or premium.

Consents may only be delivered by tendering noteholders. Tendering noteholders are deemed to have given consent.

The offer may be prorated.

The offer expires at 11 a.m. ET on July 7.

Settlement is planned for July 14.

The purpose of the offer is to improve the company’s financial position and improve the terms of its debt to enable additional flexibility to grow its business.

UOB Kayhian is the dealer manager (+65 6590 6223, projecttender@uobkayhian.com).

Morrow Sodali Ltd. is the information tender and tabulation agent (+852 2319 4130, +44 20 4513 6933, ssms@investor.morrowsodali.com, https://projects.morrowsodali.com/ssms).

The issuer is a Pangkalan Bun, Central Kalimantan, Indonesia-based palm oil company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.