Polytama ends tender

New York, Dec. 18 - Polytama International Finance BV and PT Polytama Propindo said they have terminated their tender offer for Polytama International's 8% guaranteed secured notes due 2017 and 6% guaranteed secured exchangeable notes due 2012.

The Jakarta, Indonesia-based company said it has been unable to obtain the financing necessary to fund the tender. It added that it anticipates financing will be available in the first quarter of 2004.

Polytama said it has instructed the depositary for the tender to return notes as soon as possible.

As of Dec. 17, $76.269 million principal amount of the 8% notes and $17.718 million of the 6% notes had been tendered.

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