Saka Energi concluded a global bond buyback of USD 220 million
JAKARTA. PT Saka Energi Indonesia (SAKA), a subsidiary of PT Perusahaan Gas Negara Tbk (PGAS) or PGN, recently wrapped up the buyback of global bonds of USD 220 million as the offering period ended on March 25, 2022, at 5 PM New York time.
In the information disclosure in Indonesia Stock Exchange yesterday (29/3), Rachmat Hutama, Corporate Secretary of PGN, mentioned that the said buyback exceeded the target initially set at USD 200 million. The bondholders who demanded their bonds to be repurchased by SAKA were higher than the expectation (oversubscribed), reaching USD 377.57 million in total.
With a buyback of USD 220 million, the total bonds owned by SAKA now reach USD 405 million in worth and will mature by May 2024. On February 28, 2022, Saka Energi also announced the plan to host a tender offer for global bondholders, which had been ended on March 11, 2022. The said bonds, with a face value of USD 625 million and a 4.45% interest rate, were due in 2024.
According to Hutama, the buyback of those bonds had obliged the law applied in Indonesia and New York. Furthermore, the utilisation of internal cash in this corporate action means zero impact on the company’s liquidity rate. (AM/ZH)