Market to wait a while longer for Tenaga's debt tender

Roadshows for Tenaga''s mooted debt exchange are not likely to start for at least another week.
Having initially expected presentations to begin in Hong Kong yesterday Wednesday, investors say that they are not now likely until the week after next since there has been no sign of an SEC filing. HSBC and Lehman Brothers are said to be joint lead managers of a simultaneous tender offer and new bond issue for the Malaysian electricity utility.

Investors canvassed about the tender report that the Baa3BBB-rated credit is planning to include its $600 million 7.875% June 2004 bonds and its $300 million 7.2% April 2007 put April 2002 bonds. Since the company is trying to term out and ultimately reduce its foreign currency denominated debt, it will...

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