PTT Global Chemical Public Company Limited (SET: PTTGC) has announced the successful settlement of a tender offer for the repurchase and partial cancellation of its US dollar-denominated debentures, resulting in a significant reduction of its outstanding offshore debt. The company, through its wholly owned subsidiary GC Treasury Center Company Limited (GCTC), completed the repurchase of a total of US$141,022,000 in debentures.
The tender offer was conducted by GCTC between 1 and 9 September 2025 (New York City time) to repurchase senior and unsecured US dollar-denominated debentures that were originally issued and offered offshore. The repurchase targeted two specific series of debentures:
- US$550 million 30-year senior and unsecured debentures with a fixed coupon rate of 4.30% due in 2051, initially issued on 18 March 2021 (the “2051 Debentures”).
- US$300 million 30-year senior and unsecured debentures with a fixed coupon rate of 5.20% due in 2052, initially issued on 30 March 2022 (the “2052 Debentures”).
Following the completion of the settlement process, PTTGC provided a detailed breakdown of the repurchase and the new outstanding principal amounts for each series:
| The 2051 Debentures |
The 2052 Debentures |
Total | |
|---|---|---|---|
| Previously outstanding principal amount | 374,331,000 | 102,980,000 | 477,311,000 |
| Less: Repurchased and cancelled | 99,482,000 | 41,540,000 | 141,022,000 |
| Outstanding principal amount | 274,849,000 | 61,440,000 | 336,289,000 |
The repurchase saw US$99,482,000 of the 2051 Debentures and US$41,540,000 of the 2052 Debentures being repurchased and subsequently cancelled. This action effectively reduced the total outstanding principal amount of these debentures from US$477,311,000 to US$336,289,000.
