Indonesia's Adaro calls its $400 million 8½% notes

By Susanna Moon

Chicago, Nov. 9 - Adaro Finance BV, a wholly owned subsidiary of PT Adaro Indonesia, said it would redeem its outstanding $400 million 8½% guaranteed secured notes due 2010.

The redemption date is Dec. 10.

The company said it would pay par plus a call premium, to be set two business days before the redemption date, and accrued interest from Dec. 8 to the redemption date.

Adaro received consents from holders of a majority of the notes on Nov. 20, 2006. The consent fee was $5.00 per $1,000 principal amount of notes and was to be paid on Nov. 28, 2006.

The consents allowed the company to refinance its mezzanine debt, facilitate the repayment of some inter-company loans to achieve structural and operating benefits and modify some other provisions to allow the company flexibility if it undertakes an initial public offering of the notes.

The indenture was amended and restated as of Dec. 29, 2006.

Goldman Sachs (Singapore) Pte. (852 2978-0672, attn: Ronan McCullough) is the calculation agent. HSBC Bank, USA, NA is the paying agent.

Adaro is a coal mine producer based in Jakarta, Indonesia.

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