Indonesia's Indosat subsidiaries again extend tender, consent dates

By Susanna Moon

Chicago, June 8 - PT Indosat Tbk. said Indosat Finance Co. BV again extended the tender offer for its 7¾% guaranteed notes due 2010 and Indosat International Finance Co. BV again extended the tender offer for its 7 1/8% guaranteed notes due 2012.

The issuers extended the offers and the consent solicitation to coordinate settlement of the offers with the closing of the financing needed to fund the purchase of the notes.

The offers will now end at midnight ET on July 8, prolonged from June 17. They were originally set to end at midnight ET on June 9.

The early tender date/consent expiration time is now 5 p.m. ET on June 28, extended from June 7 and, before that, May 24.

As a result of the extension, the initial acceptance date is now expected to be June 30, pushed back from June 11. It was originally slated for May 27.

Final settlement is expected to occur by July 12.

The right to withdraw tendered notes expired at 5 p.m. ET on May 24.

As of 5 p.m. ET on June 7, investors had tendered $165,763,000 principal amount of the 7¾% notes and $55.18 million principal amount of the 7 1/8% notes. They delivered consents for $184,359,000 principal amount of the 7¾% notes.

As of 5 p.m. ET on May 24, investors had tendered $152,413,000 of the 7¾% notes and $54.73 million of the 7 1/8% notes. They delivered consents for $170,059,000 of the 7¾% notes.

Indosat Finance is soliciting consents to some proposed amendments to the indenture for the 7¾% notes and to the release of Indosat International as a guarantor for the notes, according to a company news release.

Holders who tender their 7¾% notes by the early tender date will be deemed to have delivered their consents.

For each $1,000 principal amount, the company is offering $1,021.875 for the 7¾% notes and $1,038.125 for the 7 1/8% notes.

These amounts include an early tender premium of $2.00 and a consent payment of $0.50 for each 7¾% note tendered by the early tender date and an early tender premium of $2.50 for each 7 1/8% note tendered by the early tender date.

Holders will also receive accrued interest up to but excluding the settlement date.

Holders of the 7¾% notes may deliver consents without tendering their notes, but they must do so by the consent expiration date.

The joint dealer managers and solicitation agents are Citigroup Global Markets Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Hongkong and Shanghai Banking Corp. Ltd. and Royal Bank of Scotland plc. The information and tender agent is D.F. King & Co., Inc. (888 628-9011, banks and brokers call collect at 212 269-5550).

Indosat is a Jakarta, Indonesia-based telecommunications provider.

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