Tenaga's $900 million debt tender goes live

Malaysia''s largest company by market capitalization has launched a tender offering in a bid to avoid foreign exchange losses and term out its dollar-denominated debt.

By Jackie Horne

March 05, 2001

Roadshows are likely to start at the beginning of next week following the SEC filing of a cash tender offer and new global bond offer in New York last night Monday. Lehman Brothers and HSBC are joint dealer managers for the Malaysian utility's liability management exercise, which will comprise an offer to purchase for cash, all or any of its $300 million 7.2% notes due April 2007 put 2002 and its $600 million 7.875% notes due June 2004. There is a minimum tender size of $300 million.

The new global bond will have a 10-year maturity and will be rounded up to the nearest $100 million beyond the amount tendered. It is...

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