Indonesia's Indosat subsidiaries extend tenders for 7¾%, 7 1/8% notes

By Angela McDaniels

Tacoma, Wash., June 29 - 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 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 30. They were originally set to end on June 9 and were previously extended to June 17 and then July 8.

The early tender date/consent expiration time is now 5 p.m. ET on July 21, extended from June 28, June 7 and, before that, May 24.

As a result of the extension, the initial acceptance date is now expected to be July 23, and final settlement is expected to occur by Aug. 3.

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

As of 5 p.m. ET on June 28, investors had tendered $166.76 million principal amount of the 7¾% notes and $55.66 million principal amount of the 7 1/8% notes. They delivered consents for $185,356,000 principal amount of the 7¾% notes.

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.

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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