Indonesia's Lippo Karawaci gets tenders for $183.75 million 8 7/8% notes in exchange offer

By Jennifer Chiou

New York, April 30 - PT Lippo Karawaci Tbk. announced that subsidiary Sigma Capital Pte. Ltd. received tenders for $183,754,000 of notes in its exchange offer for the $250 million of 8 7/8% senior notes due 2011 issued by Lippo Karawaci Finance BV.

At the same time, the company received consents from holders of $45,575,000 of notes. The combined $229,329,000 of notes makes up 91.73% of the total amount.

Lippo Karawaci previously said that holders cannot participate in both the exchange offer and the simultaneous consent solicitation.

The exchange deadline fell on April 29, while the consent deadline is slated for May 10.

The company will hold a meeting for noteholders on May 3 in Hong Kong.

Sigma Capital previously fixed the minimum yield to maturity at 9% for the new dollar-denominated senior notes due 2015 that will be issued in the exchange.

As already reported, the company offered to issue new senior notes due 2015 in exchange for the 8 7/8% notes in order to extend its consolidated debt maturity profile.

The transactions were announced on April 9.

Lippo Karawaci is soliciting consents from holders of the 8 7/8% notes to permit, among other things, the incurrence of additional debt.

The Indonesian property developer said that it will pay a consent fee as an incentive to holders.

Citibank NA, London Branch was the exchange agent (44 20 7508-3867).

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