Indonesia's Pakuwon Jati extends exchange for 12% secured notes

New York, Nov. 11 - Pakuwon Jati Finance BV said it has extended its exchange offer for the 12% senior secured notes due 2011 guaranteed by PT Pakuwon Jati Tbk.

The expiration will now be noon ET on Nov. 17 instead of noon ET on Nov. 5.

The additional time is to facilitate the replacement of the Indonesian collateral security agent and the finalization of documentation for a refinancing facility and to appoint a replacement security agent.

As of noon ET on Nov. 9, holders had tendered $83.75 million, or 76.14% of the notes.

Settlement will now be on Nov. 30 instead of Nov. 20.

Pakuwon Jati also adjusted the cash payment schedule.

For what it called "administrative purposes," the company will now pay $125 of the cash payment on the scheduled interest payment date of Nov. 16 and the remaining $475 on the settlement date.

Pakuwon Jati previously said on Nov. 4 that it had obtained the necessary consents to amend the notes.

The consent deadline was noon ET on Oct. 30.

As of that time, holders of a majority of the notes had given consents to the proposed amendments and waivers to the note indenture.

The company is offering to exchange the notes for new step-up cash coupon and pay-in-kind interest senior notes due 2015.

Pakuwon Jati will also make a one-time cash payment in the offer, which began on Oct. 20.

Those who tendered by the early deadline will receive the $20 per $1,000 principal amount consent payment.

For each $1,000 principal amount of the existing notes, Pakuwon Jati will issue $400 principal amount of new step-up cash coupon and PIK interest notes due 2015 and $600 in cash plus an early exchange fee of $20 for those who tender by the early exchange deadline.

Lucid Issuer Services Ltd. is the information agent and exchange agent (44 207 704-0880).

The Jakarta, Indonesia-based group's principal activities are developing commercial and residential properties.

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