JAKARTA. PT Perusahaan Gas Negara Tbk (PGAS) or PGN has reportedly wrapped up the buyback of senior bonds worth USD 400 million.
The repurchase of those senior bonds is wrapped up earlier than the initial schedule, which used to fall on December 23, 2022. For the record, these senior bonds were initially registered in Singapore Stock Exchange on May 16, 2014, with a 10-year tenor.
“The tender offer of senior bonds has begun since November 28, 2022,” Rachmat Hutama, Corporate Secretary of PGAS, mentioned in the official disclosure.
After the tender offer is closed, any bonds in the tender offer will not be eligible for buyback by PGAS. The amount of outstanding bonds post-buyback is USD 950 million, and it should be paid off by May 2024.
Throughout the bonds buyback, PGAS used up its own internal cash. Based on IDNFinancials data, the company recorded cash and cash equivalent of USD 1.65 billion at the end of September 30, 2022. Its total assets also reached USD 7.36 billion, while its equity is worth USD 3.42 billion in total. (KR/ZH)