PGN Pays Off Remaining USD 396 Million Bonds On Time

Jakarta, May 27, 2024 – PT Perusahaan Gas Negara Tbk (PGN), a part of Pertamina's Subholding Gas, has successfully paid off the remaining bonds amounting to USD 396.709 million. This timely payment, made in accordance with the bond's maturity date in 2024, is part of the full repayment of the total USD 1.35 billion bonds issued in 2014 and listed on the Singapore Exchange. The repayment was made in line with the bond's scheduled maturity period.

The repayment was funded through a combination of internal funds and credit facilities that PGN has had since 2023. The 2024 repayment value corresponds to the remaining debt after several corporate actions, including the repurchase of these bonds in 2022 and 2023.

In 2022, PGN repurchased part of the bonds, worth USD 400 million. This was followed by a further repurchase of USD 553.44 million in 2023.

This repayment is part of PGN's strategy to manage its liabilities, aiming to strengthen the company's financial performance and boost investor confidence. "This step demonstrates our commitment to maintaining the company's financial stability and providing added value to investors," said PGN's Director of Finance, Fadjar Harianto Widodo. He added that PGN will continue to implement its planned work program, including investment plans for this year, while keeping an eye on the latest developments in the global situation.

Following this repayment, PGN expects a positive impact on its financial performance, especially in terms of reducing interest expenses and strengthening the company's financial position. This will also reinforce PGN's operational work plan, where in the energy transition period, PGN will take a leading role in increasing the utilization of natural gas by integrating existing infrastructure for further development, including aggregating natural gas commodities.

"With the integration and aggregation of infrastructure and gas molecules, PGN will be able to meet the demand in new economic areas, new industrial zones, through various modes of gas transportation and types of natural gas molecules, including CNG and LNG, for the growth of new economies with national impact," Fadjar concluded.

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