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Indonesia's Lippo Karawaci gets consents needed to amend 8 7/8% notes
By Angela McDaniels
Tacoma, Wash., May 5 - PT Lippo Karawaci Tbk. said 97.97% of the holders of Lippo Karawaci Finance BV's $250 million 8 7/8% senior notes due 2011 present at a meeting on May 3 voted in favor of proposed amendments to the terms of the notes.
The company was soliciting consents from the noteholders to permit, among other things, the incurrence of additional debt.
Subsidiary Sigma Capital Pte. Ltd. began the consent solicitation and an exchange offer for the notes on April 9. The exchange deadline was April 29.
The company received tenders for $183,754,000 of the notes in the exchange offer and 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 consent solicitation.
In the exchange offer, holders will receive new dollar-denominated 9% senior notes due 2015 issued by Sigma Capital and guaranteed by Lippo Karawaci.
The company said the amount of new notes to be issued for exchange is $188,958,000.
Sigma Capital priced an additional $81.65 million of the notes (B1/B/B+) for a total of $270,608,000. Citigroup Global Markets Singapore Pte. Ltd. and Deutsche Bank AG, Singapore Branch were the joint lead managers and bookrunners.
The expected settlement date is May 11.
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 Indonesian property developer said that it will pay a consent fee as an incentive to holders.
Citibank NA, London Branch (44 20 7508-3867) was the exchange agent.
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