PT Chandra Asri Petrochemical Tbk (TPIA) has completed the initial settlement of a cash tender offer to purchase a maximum of US$75 million of the principal amount owed on US$300 million of debt securities without senior collateral.

These bonds have a coupon of 4.95% and will mature in 2024.

The company has successfully purchased principal debt securities amounting to US$32,550 million with a total initial settlement amount for the tender offer of US$33,404 million.

Following the initial tender offer was completed, the company's remaining total liabilities based on debt securities amounted to US$235,230 million.

"The company made an initial tender offer in order to optimize and proactively manage internal cash, debt profile, and the company's capital structure," said GM of Legal and Corporate Secretary of TPIA, Erri Dewi Riani, in the IDX disclosure, on Thursday (20/5).