Indonesia's Alam Sutera tenders, solicits consents for 10¾% notes

By Marisa Wong

Madison, Wis., Jan. 7 - Alam Sutera International Pvt. Ltd. announced it began a cash tender offer for any and all of its outstanding $150 million of 10¾% senior notes due 2017 guaranteed by PT Alam Sutera Realty Tbk.

In connection with the tender offer, Alam Sutera is also soliciting consents from noteholders to proposed amendments to the indenture governing the 10¾% notes.

The tender offer will expire at 11:59 p.m. ET on Feb. 4.

Holders who tender their notes and deliver their consents prior to 5 p.m. ET on Jan. 21, the early consent deadline, will be eligible to receive the total consideration. The total consideration per $1,000 principal amount of notes includes the tender offer consideration of $1,075 plus an early consent payment of $20.00.

Holders who tender their notes after the early deadline will receive only the tender offer consideration.

The company will also pay accrued interest to the applicable settlement date.

The issuer said it may choose to accept for purchase all notes tendered at or prior to the early consent deadline on an early settlement date.

Holders who tender their notes must consent to the proposed amendments, and holders may not deliver consents without tendering their notes.

The tender offer and consent solicitation are conditioned on the receipt of the needed consents to amend the notes.

The offer will be funded with proceeds from a concurrent debt offering by a wholly owned subsidiary of Alam Sutera Realty together with cash on hand.

Citigroup Global Markets Singapore Pte. Ltd. (Citigroup Global Markets Asia Ltd., attn.: debt capital markets, +852 2501 2692), Morgan Stanley & Co. International plc (in Asia, Morgan Stanley Asia Ltd., attn.: debt capital markets, +852 3963 0371; in the United States, Morgan Stanley & Co. LLC, attn.: liability management group, 800 624-1808, 212 761-1057; in Europe, Morgan Stanley & Co., attn.: liability management, +44 20 7677 5040) and UBS AG, Singapore Branch are the dealer managers and solicitation agents. Bank of New York Mellon (attn.: CT reorg unit inquiries, 315 414-3632) is the depositary and information agent.

Alam Sutera is a property developer based in Tangerang, Indonesia.

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