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Published on 11/1/2011 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily and Prospect News Liability Management Daily.

Indonesia's Majapahit seeks consents to amend 7¾%, 7¼%, 7 7/8% notes

By Marisa Wong

Madison, Wis., Nov. 1 - Majapahit Holding BV announced that it began soliciting consents on Tuesday to amend the indentures governing its $550 million 7¾% guaranteed notes due 2016, $500 million 7¼% guaranteed notes due 2017 and its $500 million 7 7/8% guaranteed notes due 2037.

The 7¾% notes were issued in 2006, and the 7¼% and 7 7/8% notes were issued in 2007. All three series of notes are guaranteed by parent company PT Perusahaan Listrik Negara, a Jakarta, Indonesia-based electric utility.

The proposed amendments would update the definition of "capitalized lease" in the notes indentures. The amendments will be approved if holders of record as of Oct. 31 representing a majority in principal amount of the outstanding notes deliver their consents by 5 p.m. ET on Nov. 15.

If the needed consents are received, Majapahit will effect a supplemental indenture on Nov. 16 and pay consenting holders $2.50 for each $1,000 of notes on Nov. 18.

Barclays Bank plc (212 528-7581 or 800 438-3242) and Citigroup Global Markets Inc. (212 723-6108 or 800 558-3745) are the joint solicitation agents. Bondholder Communications Group, LLC (212 809-2663) is the information and tabulation agent.


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