Pakuwon Jati gets consents for 12% secured notes' amendments, waivers

By Jennifer Chiou

New York, Nov. 4 - Pakuwon Jati Finance BV announced a successful outcome to the consent solicitation for the 12% senior secured notes due 2011 guaranteed by PT Pakuwon Jati Tbk.

The company is offering to exchange the notes for new step-up cash coupon and pay-in-kind interest senior notes due 2015.

Pakuwon Jati will also make a one-time cash payment in the offer, which began on Oct. 20.

The consent deadline was noon ET on Oct. 30.

As of that time, holders of a majority of the notes had given consents to the proposed amendments and waivers to the note indenture.

Those who tendered by the early deadline will receive the $20 per $1,000 principal amount consent payment.

The offer is set to end at noon ET on Nov. 5, with settlement slated for Nov. 20.

Lucid Issuer Services Ltd. is the information agent and exchange agent (44 207 704-0880).

The Jakarta, Indonesia-based group's principal activities are developing commercial and residential properties.

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