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Indonesia’s Modernland offers to exchange 11% notes for new 9¾% notes
By Marisa Wong
Madison, Wis., July 14 – Indonesia’s PT Modernland Realty Tbk announced that Marquee Land Pte. Ltd. has begun an exchange offer to exchange Modernland Overseas Pte. Ltd.’s $150 million 11% guaranteed senior notes due 2016 for Marquee’s new dollar-denominated guaranteed senior notes due 2019.
The early deadline for tendering 11% notes due 2016 for exchange is expected to be 11:59 p.m. ET on July 25.
Holders who tender their notes for exchange by the early exchange deadline will be eligible to receive an early exchange fee.
The offer will expire at 11:59 p.m. ET on Aug. 12.
Moderland Overseas is also soliciting consents to amend some provisions of the 11% notes due 2016.
Holders who consent to the changes by the consent solicitation deadline at 11:59 p.m. ET on Aug. 12 will receive a consent fee.
The purpose of the exchange offer is to refinance the existing notes, and the purpose of the consent solicitation is to adopt proposed amendments that would align the terms of the old notes and with those of the new notes.
Concurrently, the new 2019 notes will also be offered to new investors for cash. These 2019 notes and the new notes issued in the exchange offer are expected to be consolidated and form a single class of notes.
The interest rate on the new notes will be 9¾%. The company said it expects to announce any increase in the coupon on the pricing date for the concurrent offer, which is expected to take place on July 29.
The exchange offer is only being made to and the new notes (under the exchange offer and concurrent offer) are being offered only to eligible holders who have provided certain certifications. All holders of the 11% notes are eligible to participate in the consent solicitation.
D.F. King & Co., Inc. (212 269-5550, 44 207 920 9700, modernland@dfking.com) is the information and exchange agent.
Modernland Realty is a real estate development and leasing company based in Jakarta.
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