Alam Sutera launches tender offer, solicitation for notes due 2024

Chicago, Oct. 11 – PT Alam Sutera Realty Tbk. started a tender offer on Monday for its senior secured notes due 2024 (ISIN: XS2238946581) which will be conducted as an unmodified Dutch auction, according to a notice.

The maximum total acceptance amount was not disclosed.

Non-competitive tender instructions will be at the minimum offer price, $820 per $1,000 principal amount of note.

Competitive tender instructions will be in $1 increments above the minimum offer price.

Because this is an unmodified Dutch auction, tendering noteholders will not necessarily receive the same price. Noteholders will be paid the purchase price plus interest to the settlement date.

Concurrent to the tender offer, the company is soliciting consents to amend some provisions of the indenture from November 2020. The proposed amendments would eliminate substantially all of the restrictive covenants, all of the reporting requirements and some of the events of default in the indenture.

Tendering noteholders are deemed to have given consent.

Noteholders who do not wish to tender their notes may consent in the consent solicitation. They will receive a $2 consent fee for each $1,000 principal amount of notes.

The offer and consent solicitation are conditioned upon the satisfaction of the required consent condition, a financing condition and other conditions as set out in the offer to purchase and the consent solicitation memorandum.

Tenders are due by 11 a.m. ET on Oct. 19.

Tendered notes and consents may not be withdrawn.

Settlement is planned for the fourth business day after the expiration time.

UBS AG Singapore Branch is the dealer manager (ol-liabilitymanagement-sea@ubs.com).

Morrow Sodali Ltd. is the tabulation, tender and information agent (+44 20 4513 6933, +852 2319 4130; alamsutera@investor.morrowsodali.com; tender offer: https://projects.morrowsodali.com/alamsuteratender; consent: https://projects.morrowsodali.com/alamsuteraconsent).

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

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