JAKARTA – PT Medco Energi Internasional Tbk (MEDC) has completed the repurchase of senior notes issued by its subsidiaries, Medco Oak Tree Pte. Ltd. and Medco Bell Pte. Ltd., which are due in 2026 and 2027, respectively.

According to an announcement on the Singapore Stock Exchange (SGX), Medco Oak Tree received valid tenders amounting to USD 150.6 million out of a remaining principal of USD 242.3 million.

The same document states that Medco Bell received valid tenders totalling USD 310.9 million out of an outstanding principal of USD 418.7 million.

As such, MEDC will disburse a total of USD 461.5 million for the tender of both senior notes.

“Medco Oak Tree and Medco Bell are expected to pay for the notes submitted under the tender by 5:00 PM New York time, 3 June 2025,” read the issuer’s statement on SGX.

The tender offer began on 5 May and closed on 16 May 2025. The tender deadline was 3 June, with the settlement date projected for 9 June 2025.

According to SGX data, each of the two notes was initially issued with a total face value of USD 650 million.

Medco Oak Tree’s notes were issued in 2019 with a 7.375% coupon, while Medco Bell’s were issued in 2020, bearing a 6.375% coupon.

Prior to this, MEDC had conducted several repurchase offers for the 2026 and 2027 senior notes.

Based on data from IDNFinancials.com, MEDC carried out buybacks for these notes up to four times in 2024 — in May, June, September, and October.

Separately, on 19 May 2025, MEDC also issued USD 400 million in bonds through Medco Cypress Pte. Ltd. These notes, carrying an 8.625% coupon, will mature on 19 May 2030. (ZH)