Indonesia's Alam Sutera tallies final tenders for 10¾% notes

By Marisa Wong

Madison, Wis., Feb. 6 - Alam Sutera International Pvt. Ltd. announced that it received tenders for and accepted for purchase a total of $83,424,000 of its outstanding $150 million of 10¾% senior notes due 2017 guaranteed by PT Alam Sutera Realty Tbk. as of 11:59 p.m. ET on Feb. 4, the expiration of its tender offer.

As previously announced, the company took in tenders for $82,454,000 of the 10¾% notes as of 5 p.m. ET on Jan. 21, the early consent deadline.

The company had received the required consents from noteholders to approve proposed amendments to the indenture governing the 10¾% notes and executed a supplemental indenture on Jan. 22.

Holders who tendered their notes and delivered their consents prior to the consent deadline were eligible to receive per $1,000 principal amount of notes a total consideration consisting of a $1,075 tender offer consideration plus an early consent payment of $20.

Holders who tendered 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 before that it exercised the early settlement option and paid for the notes tendered by the early deadline on Jan. 30. Notes tendered after the early consent deadline will be settled on Feb. 7.

Holders who tendered their notes had to consent to the proposed amendments, and holders could not deliver consents without tendering their notes, as noted before.

The tender offer and consent solicitation were conditioned on the receipt of the needed consents to amend the notes, which has been satisfied.

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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