Gajah Tunggal gets consents to amend 8 3/8% senior notes due 2022

By Taylor Fox

New York, Feb. 18 – Indonesia’s PT Gajah Tunggal Tbk received consents from holders of $221,422,000, or 88.57%, of its outstanding 8 3/8% senior secured notes due 2022 (ISIN: XS1655090139) to approve some proposed amendments to the indenture governing the notes, according to a notice.

The consent solicitation expired at 11 a.m. ET Feb. 17.

The company has accepted the consents and intends to enter into a supplemental indenture reflecting the proposed amendments to modify restrictions on the incurrence of additional debt to permit the company to secure additional debt in order to refinance its existing senior secured loan facilities.

As previously reported, the amendments required the consent of holders of a majority of the $250 million notes outstanding.

Holders who validly deliver consents will receive a cash payment of $3 per $1,000 of notes.

The settlement date is expected for Feb. 22.

Credit Suisse (Singapore) Ltd. (+65 6212 8226, +852 2101 7700) and Deutsche Bank AG, Singapore Branch (+65 6423 7959, +44 020 7545 9031) are the solicitation agents.

D.F. King (+44 20 7920 9700, +852 3953 7208; gt@dfkingltd.com, https://sites.dfkingltd.com/gt) is the information and tabulation agent.

Gajah Tunggal is a synthetic rubber manufacturing company based in Jakarta, Indonesia.

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