Indo Energy announces final tender results of offer to repurchase notes

By Romel S. Gurky

Indo Energy Finance B.V., a wholly owned subsidiary of IDX-listed PT Indika Energy Tbk, announced Tuesday the final tender results of its offer to repurchase for cash up to US$128.57 million in principal amount of outstanding $300 million 7.00 percent senior notes due 2018 as stated in the following press release.

Indo Energy refers to the notice made on November 23, 2015 announcing its offer (the ?Offer?) to repurchase for cash up to US$100,000,000 (as such amount was adjusted pursuant to the Offer to Purchase Memorandum (as defined below) to up to US$128,573,000, the ?Tender Cap?) in principal amount of its outstanding US$300,000,000 7.00% Senior Notes due 2018 (the ?Notes?) upon the terms and subject to the conditions set forth in an offer to purchase memorandum dated November 23, 2015 (the ?Offer to Purchase Memorandum?) and to the notice made on December 8, 2015 announcing the early tender results of Notes validly tendered pursuant to the Offer and modifying certain terms of the Offer as set forth in the Offer to Purchase Memorandum.

The Offer expired at 5:00 p.m. (New York City time) on December 21, 2015 (the ?Expiration Date?) and the Expiration Date has not been extended. The Company hereby announces that it will accept US$128,573,000 in aggregate principal amount of Notes that were validly tendered and were not validly withdrawn at or before the Early Tender Deadline at or below the Repurchase Price of US$600 per US$1,000 in principal amount of Notes (including Notes which were tendered with a Non-Competitive Offer) pursuant to the Offer. All such Notes will be accepted in full and will not be subject to the application of any Proration Factor. No Notes tendered at or before the Early Tender Deadline at an Indicative Offer Price above the Repurchase Price and no Notes tendered after the Early Tender Deadline are accepted for repurchase. The Company intends to pay for the Notes validly tendered and not withdrawn at or before the Early Tender Deadline and accepted for repurchase in the Offer on the Settlement Date, expected to be on or about December 24, 2015. Any Notes tendered but not purchased pursuant to the Offer, including Notes tendered at prices greater than the Repurchase Price and Notes tendered after the Early Tender Deadline, have been rejected from the Offer and will be returned to the Clearing System accounts of the relevant Clearing System Direct Participants on behalf of the relevant Participating Holders. Following settlement of the Notes accepted for repurchase, the outstanding aggregate principal amount of the Notes will be US$171,427,000.

The Offer was subject to a financing condition, which has hereby been waived by the Company as of the Expiration Date.

The Offer is being made solely pursuant to the Offer to Purchase Memorandum, which governs and more fully sets out the terms and conditions of the Offer. The Offer to Purchase Memorandum contains important information that should be read carefully before any decision is made with respect to the Offer. The distribution of this announcement and the Offer to Purchase Memorandum in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Offer to Purchase Memorandum comes are required by each of the Sole Dealer Manager, the Tender and Information Agent, the Company, Indika and the trustee to inform themselves about, and to observe, any such restrictions. Capitalized terms used in this announcement have the meanings ascribed to them in the Offer to Purchase Memorandum unless otherwise indicated.

If any Noteholder is in any doubt as to the action it should take, such Noteholder is advised to seek its own financial advice, including to any tax consequences, immediately from its stockbroker, bank manager, legal advisor, accountant or other independent financial advisor. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender Notes in the Offer. None of the Sole Dealer Manager, the Tender and Information Agent, the Company, Indika or the trustee makes any recommendation as to whether any Noteholder should participate in the Offer.

The Company has appointed Deutsche Bank AG, Singapore Branch as Sole Dealer Manager and D.F. King & Co., Inc. as the Tender and Information Agent for the Offer. Requests for documents or procedures for participating in the Offer may be directed to the Tender and Information Agent. Any other questions or requests for assistance regarding the Offer may be directed to the Sole Dealer Manager.

Editing by Reiner Simanjuntak