Jababeka receives consent for 6½% notes due 2023 by early deadline

Chicago, Nov. 28 – Indonesia’s PT Kawasan Industri Jababeka Tbk. provided an early deadline update regarding its exchange offer and consent solicitation for its $300 million outstanding 6½% guaranteed senior notes due Oct. 5, 2023 (ISIN: US46638AAC45, USN4717BAD84), according to a notice on Monday.

As of the extended early deadline at 5 p.m. ET on Nov. 25, the company received sufficient consents to amend the notes.

The company confirms that both the consent minimum participation condition and the exchange minimum participation condition have been satisfied. Precise response numbers were not included in the press release.

Jababeka also announced an extension of the early exchange consideration to the expiration time, 11:59 p.m. ET on Dec. 7.

Noteholders who deliver consents through the expiration date will also continue to receive the early consent fee rather than the late consent fee.

The consent settlement date is anticipated for Dec. 9. The exchange offer is expected to settle on Dec. 15.

Recap

As previously announced, the issuer is offering to exchange the old 2023 notes for new guaranteed senior notes due 2027 and cash.

At the same time, the company is soliciting consents from holders to amend the terms of the indenture governing the old notes. The proposed amendments will eliminate substantially all of the restrictive covenants, all of the reporting requirements and some of the events of default.

In conjunction with the exchange offer and consent solicitation, the issuer is also soliciting consents from holders of the 2023 notes under a concurrent consent solicitation, under which holders may choose to deliver consents without tendering their notes for exchange.

Holders who participate in the exchange offer and consent solicitation may not also separately participate in the concurrent consent solicitation with respect to the same notes tendered under the exchange offer and coupled consent solicitation, the company noted.

For old notes tendered by the exchange deadline and early consent deadline, the issuer is offering an early consideration per $1,000 of old notes an early exchange consideration of $700 of new notes plus $300 of cash consideration and an early consent fee of $2.

Previously announced but no longer relevant, the company was offering a consideration for notes tendered and consents delivered after the early deadline a late exchange consideration of $700 of new notes plus $250 of cash and a late consent fee of $1.

Holders will also receive accrued interest.

Tenders may not be withdrawn and consents may not be revoked.

The dealer managers for the exchange offer and solicitation agents for the consent solicitation are J.P. Morgan Securities plc, Mandiri Securities Pte. Ltd., Standard Chartered Bank (Singapore) Ltd. or UBS AG Singapore Branch.

The information, exchange and tabulation agent is Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130, 203 609-4910; jababeka@investor.morrowsodali.com; https://projects.morrowsodali.com/jababekaexchange; https://projects.morrowsodali.com/jababekaconsent).

Jababeka is an industrial estate developer based in Bekasi, Indonesia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.