Indonesia’s APL Realty begins tender offer, consent bid for 2024 notes

By Marisa Wong

Los Angeles, July 11 – APL Realty Holdings Pte. Ltd. announced it has begun a tender offer and consent solicitation for its $300 million outstanding 5.95% senior notes due 2024 (ISIN: XS1617833584) guaranteed by PT Agung Podomoro Land Tbk. and some of its subsidiaries.

The issuer will purchase up to a maximum acceptance amount of the notes based on the amount of proceeds from a credit facility.

The issuer is offering a tender consideration of $600 per $1,000 principal amount plus accrued interest.

Concurrently, the issuer is seeking consents from holders to amend some provisions of the indenture governing the notes.

The issuer is offering a consent fee of $2 per $1,000 principal amount.

The offer is subject to a minimum participation condition. The issuer must receive tenders for at least 65% of the outstanding principal amount of the notes.

Tenders may be subject to proration.

The offer expires at 11 am. ET on July 20.

Settlement is expected to occur on July 31.

The joint dealer managers and solicitation agents are Standard Chartered Bank (Singapore) Ltd. (+44 20 7885 5739, +852 3983 8658, +65 6557 8124; liability_management@sc.com) and MUFG Securities Asia Ltd. Singapore Branch (+33 1709 14279, +65 6232 7632; liabilitymanagement@mufgsecurities.com).

The tabulation, information and tender agent is Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; agungpodomoro@investor.morrowsodali.com; https://projects.morrowsodali.com/agungpodomorotender; https://projects.morrowsodali.com/agungpodomoroconsent).

Agung Podomoro Land is an Indonesian property developer.

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