PT. Gajah Tunggal Tbk Announces Tender Offer to Purchase for Cash of its Outstanding $250,000,000 8.375% Senior Secured Notes Due 2022
June 24, 2021 at 12:05 pm EDT
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PT. Gajah Tunggal Tbk announced the tender offer to purchase for cash of its outstanding $250,000,000 8.375% Senior Secured Notes due 2022, guaranteed by its subsidiaries, for an aggregate purchase price of up to the Tender Cap made pursuant to an Offer to Purchase dated June 9, 2021. The Financing Condition was satisfied on June 23, 2021, and the settlement of the Tender Offer occurred on June 24, 2021, where the Company made payment for the $152,210,000 in aggregate principal amount of Notes validly tendered and accepted for repurchase, pursuant to the terms of the Offer to Purchase. All of the Tendered Notes have been cancelled. Following the settlement of the Tender Offer and the cancellation of the Tendered Notes, the outstanding principal amount of Notes is $97,790,000. The Tender Offer was made solely pursuant to, and is governed by, the Offer to Purchase. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, the New Notes) nor will there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
PT Gajah Tunggal Tbk is an Indonesia-based integrated tire manufacturer. The Company produces and distributes tires for passenger car, sport utility vehicles (SUVs), commercial, off-the-road, industrial and motorcycles. It also manufactures and distributes other rubber related products, such as synthetic rubber, tire cords, inner tube, flap, o-ring and others. The Company owns and operates an integrated tire manufacturing facility in Indonesia. The Companyâs products include GT LUG, GT MAX TRACTION, GT MUD TRACTION, GT SUPER, GT SUPER 88, GT SUPER 88N and GT SUPER GRIP. The Companyâs installed production capacity for passenger car radial tires (PCR), TBR tires, bias tires and motorcycle tires 45,500, 2,300, 13,000 and 83,000 tires per day respectively.