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Indonesia's Indika starts exchange for up to $165 million 8½% notes, solicits consents for 9¾% notes
By Jennifer Chiou
New York, April 11 - PT Indika Energy Tbk. announced that launch of an exchange offer for up to $165 million of wholly owned subsidiary Indo Integrated Energy BV's $250 million of 8½% senior notes due 2012 as well as a consent solicitation for the $230 million of 9¾% senior notes due 2016 of Indo Integrated Energy II BV and the 8½% notes.
The company is soliciting consents to amend the terms of the note indentures, particularly a number of the restrictive covenants. Indika is seeking consents from holders of a majority each notes series.
Indika said in a news release that it is looking to extend the maturity of a portion of its debt as well as to improve the terms, but it did not detail the new securities that will be issued in the exchange offer.
The solicitation will end at 10 a.m. ET on April 27.
If the company receives the needed consents, supplemental indentures will not become operative unless it pays the consent fee on or prior to May 16. Indika did not state the fee amount in its release.
In a solicitation that began on March 9 and expired on March 22, Indo Integrated Energy received consents from holders of $214.8 million, or 87.52%, of the 8½% notes. In that solicitation, the issuer paid a consent fee of $2.00 for each $1,000 of notes to holders who delivered their consents by the expiration date.
HSBC Institutional Trust Services (Singapore) Ltd. is the trustee for the 8½% notes. The parent company and PT Indika Inti Corpindo are the guarantors.
D. F. King & Co. (212 269-5550 or 44 20 7920 9700 for banks and brokers; 800 859-8511) is the information and tabulation agent.
Indika is a Jakarta, Indonesia-based integrated energy company.
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