Ciputra gets votes to allow merger for S$42 million of 5 5/8% notes

By Susanna Moon

Chicago, Nov. 15 – Indonesia’s PT Ciputra Property Tbk. secured votes from holders of S$42 million principal amount of its S$65 million 5 5/8% notes due 2018, series 001, in a consent solicitation related to a merger.

Holders of S$42 million principal amount of the notes have voted in favor of the extraordinary resolution at the meeting, and holders of S$1 million principal amount of the notes have voted against the measure, according to a company notice.

In addition, S$18 million principal amount of the notes have been offered for sale, with votes to be cast in favor of the proposal.

The consent solicitation ended at 10 p.m. ET on Nov. 13.

Based on the results, the company expects to meet the quorum required for the meeting and that the measure will pass.

The issuer is proposing a merger with PT Ciputra Development Tbk. and is asking noteholders to approve the merger and to waive any non-compliance or breaches of the note provisions, according to a separate company announcement.

The company also is asking holders to waive their put option and to amend the note terms to include a call option at par plus accrued interest to the redemption date.

As of 5 a.m. ET on Nov. 6, the early consent date, holders of S$42.75 million principal amount of the notes had sent voting instructions in favor of the proposed amendment and S$750,000 principal amount of the notes against the measure, according to a previous company update.

As of the early deadline, holders had tendered S$15.75 million principal amount of the notes for sale under the offer and also instructed that the votes be cast for the proposal.

Tricor Singapore Pte. Ltd., trading as Tricor Barbinder Share Registration Services, is the meeting agent and tender agent.

Ciputra is a residential property development and management company based in Jakarta, Indonesia.

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