Indonesia's Lippo Karawaci holders exchange $276.38 million notes

By Marisa Wong

Madison, Wis., Nov. 8 - Theta Capital Pte. Ltd., a wholly owned subsidiary of PT Lippo Karawaci Tbk., said that it accepted for exchange $276,379,000 of 9% senior notes due 2015 issued by Sigma Capital Pte. Ltd. and that holders of $71.98 million of the 2015 notes delivered consents to certain proposed amendments.

Theta had invited holders of the $395,608,000 of 9% senior notes due 2015 issued by Sigma Capital, another subsidiary of Lippo Karawaci, to exchange their notes for new 6 1/8% notes due 2020.

Concurrently, Sigma solicited consents to amend certain terms and conditions of the 2015 notes, conforming them to the terms of the company's other debt. Theta offered to pay an incentive to consenting holders.

A meeting was held on Nov. 7 in Hong Kong to vote on the amendments, and holders representing 88.06% principal amount of the 2015 notes voted in favor of the changes.

On Thursday, Theta announced it will issue $273,306,000 principal amount of 2020 notes for the $276,379,000 of 2015 notes accepted for exchange. Settlement is expected to occur on Nov. 14.

As noted before, holders could not 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.

© 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.