Indosat Finance gets required consents for 7¾% notes due 2010

By Jennifer Chiou

New York, Feb. 2 - PT Indosat Tbk subsidiary Indosat Finance Co. BV announced it received tenders from holders of $239,526,000 or 79.842% of notes in its consent solicitation for its $300 million of 7¾% guaranteed notes due 2010.

The consent solicitation expired at 5 p.m. ET on Jan. 24.

After receiving the required consents to modify the notes' indenture, the company said it executed a third supplemental indenture.

The company sought to modify covenants under the indenture, conforming the terms to those of the $250 million of 7 1/8% guaranteed notes due 2012 issued by Indosat International Finance Co. BV.

Indosat Finance said it was also seeking the amendments for increased management and administrative efficiencies.

Indosat also is looking to obtain the release of Indosat International as guarantor of the notes.

For each $1,000 principal amount of notes, Indosat Finance said it will pay a $3.00 fee.

The proposed amendments required consents from holders of a majority of the notes and the proposed release will require consents from all noteholders. The proposed amendments are not conditioned upon the success of the proposed release.

The company launched the offer on Jan. 11.

Deutsche Bank AG, London Branch (866 627-0391, 212 250-2955, 44 20-7545-8011 or 65 6423-5342) and Goldman Sachs (Singapore) Pte. (800 828-3182 or 212 357-8664) are the solicitation agents. D.F. King & Co., Inc. is the information agent (212 269-5550 or 800 431-9643).

Indosat, based in Jakarta, is a telecommunications and information provider.

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