Indonesia's Alam Sutera to start roadshow Wednesday ahead of potential five-year notes offering

By Aleesia Forni

Columbus, Ohio, March 13 - Alam Sutera International Private Ltd. will begin a roadshow on Wednesday for a dollar-denominated offering of five-year senior notes (B2/B), according to a market source.

Morgan Stanley and UBS will be joint bookrunners for the Rule 144A and Regulation S transaction.

The notes have a make-whole call for the first three years and after that are callable at a premium. There is also a three-year 35% equity clawback and a 101% poison put.

Approximately 80% of the proceeds will be used for the acquisition of a landbank in Greater Jakarta, primarily in Alam Sutera and Pasar Kemis and their surrounding areas, and about 20% will be used for the construction and development of the company's properties.

Alam Sutera is a wholly owned subsidiary of Tangerang, Indonesia-based real estate developer PT Alam Sutera Realty Tbk.

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