Indonesia’s Alam Synergy seeks consents to amend 6 5/8% notes due 2022

By Marisa Wong

Morgantown, W.Va., Feb. 12 – PT Alam Sutera Realty Tbk. subsidiary Alam Synergy Pte. Ltd. said it has begun a consent solicitation to approve some proposed amendments to the indenture governing its 6 5/8% senior notes due 2022.

The consent solicitation expires at 11 a.m. ET on Feb. 25.

The company wants to amend the (i) limitation on indebtedness and disqualified or preferred stock covenant to incorporate a permitted priority debt concept that allows the parent guarantor, issuer or any subsidiary guarantor to incur secured debt of up to 15% of total assets and (ii) the limitation on restricted payments covenant to provide a $10 million starter basket, each of which is reflected in Alam Synergy’s 11½% senior notes due 2021.

For approval, the proposed amendments require consents from holders of a majority in principal amount of the $245 million of outstanding notes.

The company is offering a consent fee of $2.00 per $1,000 principal amount.

Settlement is slated for Feb. 27.

UBS AG, Singapore Branch (+65 6495 8623) is the solicitation agent. D.F. King (+44 20 7920 9700, +852 3953 7230, alamsutera@dfkingltd.com) the information and tabulation agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.