APL Realty waives minimum, accepts $168.04 million in tenders

By Mary-Katherine Stinson

Lexington, Ky., July 25 – Indonesia’s APL Realty Holdings Pte. Ltd. will accept all $168.04 million of notes tendered in the tender offer for its $300 million outstanding 5.95% senior notes due 2024 (ISIN: XS1617833584), waiving the minimum participation requirement, according to a company notice.

The notes are guaranteed by PT Agung Podomoro Land Tbk. and some of its subsidiaries.

The total tendered amount represents 56.01% of the outstanding principal amount with $166.94 million of the notes, or 55.65%, being tendered by the original expiration time of 11 a.m. ET on July 20.

The offer was originally subject to a minimum participation condition, requiring at least 65% of the outstanding principal amount of the notes to be tendered.

The offer expired at 11 a.m. ET on July 24.

Concurrently, the issuer was seeking consents from holders to amend some provisions of the indenture governing the notes. The company received valid or deemed consents from the holders of a total of $210.96 million, or 70.32%, in aggregate principal amount of notes by the original expiration time, which satisfied the minimum condition for the consent solicitation. By the final deadline, a total of $237.66 million of consents were received, or 79.22% of the principal amount.

As previously reported, the issuer will purchase up to a maximum acceptance amount of the notes based on the amount of proceeds from a credit facility.

The issuer will pay a tender consideration of $600 per $1,000 principal amount plus accrued interest and a consent fee of $2 per $1,000 principal amount.

Settlement is expected to occur on Aug. 2.

The joint dealer managers and solicitation agents are Standard Chartered Bank (Singapore) Ltd. (+44 20 7885 5739, +852 3983 8658, +65 6557 8124; liability_management@sc.com) and MUFG Securities Asia Ltd. Singapore Branch (+33 1 70 91 42 79, +65 6232 7632; liabilitymanagement@mufgsecurities.com).

The tabulation, information and tender agent is Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; agungpodomoro@investor.morrowsodali.com; https://projects.morrowsodali.com/agungpodomorotender; https://projects.morrowsodali.com/agungpodomoroconsent).

Agung Podomoro Land is an Indonesian property developer.

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