Indonesia's Alam Sutera gets enough consents to amend 10¾% notes

By Toni Weeks

San Luis Obispo, Calif., Jan. 22 - Alam Sutera International Pvt. Ltd. announced it took in tenders for $82,454,000 of its outstanding $150 million of 10¾% senior notes due 2017 guaranteed by PT Alam Sutera Realty Tbk by 5 p.m. ET on Jan. 21, the early consent deadline for the company's tender offer and consent solicitation.

As a result, the company received the requisite consents from noteholders to approve proposed amendments to the indenture governing the 10¾% notes.

Holders who tendered their notes and delivered their consents prior to the consent deadline were eligible to receive per $1,000 principal amount of notes a total consideration consisting of a $1,075 tender offer consideration plus an early consent payment of $20.00.

Holders who tender their notes after the early deadline will receive only the tender offer consideration.

The company will also pay accrued interest to the applicable settlement date.

The issuer also said it has exercised the early settlement option and will pay for the notes tendered by the early deadline on Jan. 30.

Holders who tendered their notes had to consent to the proposed amendments, and holders could not deliver consents without tendering their notes.

The tender offer and consent solicitation were conditioned on the receipt of the needed consents to amend the notes, which has been satisfied.

The tender offer will expire at 11:59 p.m. ET on Feb. 4, with final settlement slated for Feb. 7.

The offer will be funded with proceeds from a concurrent debt offering by a wholly owned subsidiary of Alam Sutera Realty together with cash on hand.

Citigroup Global Markets Singapore Pte. Ltd. (Citigroup Global Markets Asia Ltd., attn.: debt capital markets, +852 2501 2692), Morgan Stanley & Co. International plc (in Asia, Morgan Stanley Asia Ltd., attn.: debt capital markets, +852 3963 0371; in the United States, Morgan Stanley & Co. LLC, attn.: liability management group, 800 624-1808, 212 761-1057; in Europe, Morgan Stanley & Co., attn.: liability management, +44 20 7677 5040) and UBS AG, Singapore Branch are the dealer managers and solicitation agents. Bank of New York Mellon (attn.: CT reorg unit inquiries, 315 414-3632) is the depositary and information agent.

Alam Sutera is a property developer based in Tangerang, Indonesia.

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