Indonesia's Lippo Karawaci solicits consents, proposes exchange of new notes for 8 7/8% notes

By Jennifer Chiou

New York, April 9 - PT Lippo Karawaci Tbk. announced that it is soliciting consents from holders of its $250 million of 8 7/8% senior notes due 2011 to permit, among other things, the incurrence of additional debt.

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

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

The company is also proposing to issue new senior notes due 2015 in exchange for the 8 7/8% notes in order to extend its consolidated debt maturity profile.

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

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

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