Indonesia's Indosat subsidiaries extend initial acceptance date in tenders for 7¾%, 7 1/8% notes

By Angela McDaniels

Tacoma, Wash., July 26 - PT Indosat Tbk. said Indosat Finance Co. BV extended the initial acceptance date in the tender offer for its 7¾% guaranteed notes due 2010 to July 30 from July 23, and Indosat International Finance Co. BV did likewise in the tender offer for its 7 1/8% guaranteed notes due 2012.

The initial settlement date is now expected to occur on the initial acceptance date or promptly following that date, according to a company news release.

The acceptance date in Indosat Finance's consent solicitation for the 7¾% notes is now July 30.

The issuers extended the deadline to coordinate settlement of the offers with the closing of the financing needed to fund the purchase of the notes.

The early tender date/consent expiration date was 5 p.m. ET on July 21, and the expiration date of the offers remains midnight ET on July 30. The final settlement date will be Aug. 3.

The offers were originally set to end on June 9 and have been extended multiple times.

The right to withdraw tendered notes expired at 5 p.m. ET on May 24.

As of 5 p.m. ET on July 21, investors had tendered $167,774,000 principal amount of the 7¾% notes and $55,835,000 principal amount of the 7 1/8% notes. They had delivered consents for $186,370,000 principal amount of the 7¾% notes.

As of 5 p.m. ET on June 28, investors had tendered $166.76 million principal amount of the 7¾% notes and $55.66 million principal amount of the 7 1/8% notes. They had delivered consents for $185,356,000 principal amount of the 7¾% notes.

Indosat Finance is soliciting consents to some proposed amendments to the indenture for the 7¾% notes and to the release of Indosat International as a guarantor for the notes.

Holders who tendered their 7¾% notes by the early tender date will be deemed to have delivered their consents.

For each $1,000 principal amount, the company is offering $1,021.875 for the 7¾% notes and $1,038.125 for the 7 1/8% notes.

These amounts include an early tender premium of $2.00 and a consent payment of $0.50 for each 7¾% note tendered by the early tender date and an early tender premium of $2.50 for each 7 1/8% note tendered by the early tender date.

Holders will also receive accrued interest up to but excluding the settlement date.

Holders of the 7¾% notes may deliver consents without tendering their notes, but they had to do so by the consent expiration date.

The joint dealer managers and solicitation agents are Citigroup Global Markets Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Hongkong and Shanghai Banking Corp. Ltd. and Royal Bank of Scotland plc. The information and tender agent is D.F. King & Co., Inc. (888 628-9011, banks and brokers call collect at 212 269-5550).

Indosat is a Jakarta, Indonesia-based telecommunications provider.

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