Pertamina Launches US$1.45 Billion Offering of Senior Notes

Indonesian state-owned oil company PT Pertamina (Persero) has launched an offering of Senior Notes to raise aggregate gross proceeds of US$1.45 billion. The company will  issue US$650 million aggregate principal amount of 3.10% Senior Notes due 2030 and US$800 million aggregate principal amount of 4.15% Senior Notes due 2060. Pertamina intends to use the proceeds of the financing to fund the ongoing cash tender offer for any and all of its outstanding 5.25% Senior Notes due 2021. The issuance of the new notes and settlement of the tender offer is expected to be completed on February 25th, subject to customary closing conditions. Citigroup, Credit Agricole CIB, Mizuho Financial Group, HSBC and Mandiri Sekuritas are acting as book runners for the offering.