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Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item
Published on 11/15/2023 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Agung Podomoro’s APL Realty starts capped tender offer for 2024 notes

By Marisa Wong

Los Angeles, Nov. 15 – Indonesia’s APL Realty Holdings Pte. Ltd. is inviting holders of its $131.96 million outstanding 5.95% senior notes due 2024 (ISIN: XS1617833584) guaranteed by parent company PT Agung Podomoro Land Tbk. and certain of its subsidiaries to tender their notes for purchase for cash.

The issuer will accept up to an aggregate principal amount of notes that it can purchase for up to Rp 1 trillion, excluding interest.

The purchase price will be determined through an unmodified Dutch auction procedure. The minimum purchase price is $600 per $1,000 principal amount.

The company will also pay accrued interest.

If the offer is oversubscribed, the issuer will first accept all non-competitive tenders – tenders that do not specify a purchase price or specify a purchase price equal to the minimum price – subject to possible proration, and then competitive tenders – those that specify a purchase price greater than the minimum price – on a pro rata basis, if applicable.

Tenders may not be withdrawn.

The offer expires at 11 a.m. ET on Nov. 21.

Settlement is expected to be on Nov. 28.

The issuer said it expects to fund the tender offer with proceeds from a credit facility.

The dealer manager for the offer is Standard Chartered Bank (Singapore) Ltd. (+44 20 7885 5739, +852 3983 8658, +65 6557 8124; liability_management@sc.com).

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

The real estate developer is based in Jakarta, Indonesia.


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