Petra subsidiary amends offer terms

27th September 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online


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Aim-listed Petra Diamonds has announced early tender results and the amendment of offer terms for its subsidiary’s invitation to buy senior secured second lien notes due 2026.

On September 13, Petra’s wholly-owned subsidiary, Petra Diamonds US Treasury (PDUST) announced its invitation to offer to holders to submit tenders to sell to the offeror for cash the $336.7-million in aggregate notional principal amount of the senior secured second lien notes due 2026.

This was up to a maximum consideration of $150-million, subject to the offer and distribution restrictions, upon the terms and subject to the conditions set forth in a tender offer memorandum dated September 13.

Following the early participation deadline of the offer on September 26, the offeror announced that all conditions to the offer as of the early participation deadline, including, without limitation, the transaction conditions, have been satisfied or waived by the offeror.

Also, it says it will accept for purchase valid tenders of notes pursuant to the offer prior to the early participation deadline.

Moreover, the notional principal amount of notes that have been validly tendered by noteholders prior to the early participation deadline and are accepted for payment by the offeror is $125.6-million.

The acceptance consideration will be increased to $175-million with respect to amendments to the terms of the offer.

The total consideration for notes tendered prior to the early participation deadline will be $1 010 per $1 000 in principal amount of notes.

The total cash purchase price to be paid by the offeror on the early settlement date is $145.1-million.

The expected settlement date in respect of the tenders received prior to the early participation deadline is September 28.

Absa Bank and Merrill Lynch International are acting as dealer managers for the offer and Kroll Issuer Services is acting as the Information and tender agent for the offers.


Meanwhile, Petra has also announced that Vontobel Asset Management has participated in the tender offer process of PDUST senior secured second lien notes due 2026, pursuant to a tender offer memorandum dated September 13.

Vontobel submitted tender instructions for the notes, which PDUST accepted on September 26.

The total consideration to be received by Vontobel for such notes shall be $11.9-million. The expected settlement date for the transaction with Vontobel is September 28.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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