Indonesia's Lippo Karawaci sets coupon for new notes in exchange offer

By Marisa Wong

Madison, Wis., Oct. 22 - Theta Capital Pte. Ltd., a wholly owned subsidiary of PT Lippo Karawaci Tbk., set the coupon at 6 1/8% for the new senior notes due 2020 to be issued under its ongoing exchange offer.

According to a previous company news release, Theta is inviting holders of the $395,608,000 of 9% senior notes due 2015 issued by Sigma Capital Pte. Ltd., another subsidiary of Lippo Karawaci, to exchange their notes for new 2020 notes.

Theta said that the purpose of the exchange offer is to enable Lippo Karawaci to extend its consolidated debt maturity profile.

Concurrently, Sigma is convening a noteholders meeting to solicit consents to amend certain terms and conditions of the 2015 notes, conforming them to the terms of the company's other debt.

Sigma announced on Oct. 15 that the meeting will be held on Nov. 7 in Hong Kong.

Theta will pay an incentive to holders who consent.

As noted before, holders cannot participate in both the exchange offer and the consent fee offer for the same notes.

Lippo Karawaci is a Tangerang, Indonesia-based residential and commercial urban developer.

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