JAKARTA (TheInsiderStories) - Indonesia textile producer PT Sri Rejeki Isman Tbk (IDX: SRIL), announced that its wholly-owned subsidiary, Golden Legacy Pte. Ltd (the issuer) has priced an offering of US$350 million of 8.25 percent senior notes due 2021 on June 1. The proceed from the bond issuance to repay working capital loans and for general corporate purposes to support the business of the Parent Guarantor.
The company with branding name Sritex, also announced the settlement of the cash tender offer the issuer’s outstanding 9.00 percent senior notes due 2019 with worth US$180.7 million of the $270 million aggregate principal amount of old Notes. The tender offer expired at 9:00 a.m.,New York City time, on May 31 and the Issuer has accepted for payment all old notes on June 7.
Citigroup Global Markets Singapore Pte. Ltd. and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch acted as the dealer managers for the tender offer while D.F. King & Co., Inc. acted as the information agent and tender agent.
Sritex is one of the largest vertically integrated textile manufacturers in Southeast Asia. It produces a variety of midstream and downstream products, including yarn, greige (or raw fabric), finished fabric and apparel, including uniforms and retail clothing.
Sritex sells its products domestically in Indonesiaand internationally in over 50 countries. Its customers include some of the world’s largest downstream textile manufacturers including in India and China, as well as major global retailers and corporations.