Indosat solicits consents for 7 3/8% notes to allow tower transaction

New York, May 21 - PT Indosat Tbk.'s Indosat Palapa Co. BV subsidiary announced a solicitation of consents for its $650 million of 7 3/8% guaranteed senior notes due 2020.

The issuer is seeking to amend the note indenture to allow it to complete a planned sale and leaseback of 2,500 wireless telecommunications towers with PT Tower Bersama Infrastructure Tbk. The solicitation would also permit additional exceptions for dispositions of active infrastructure assets, such as fiber, transmission equipment and radio access network, to joint-venture entities with which Indosat would enter into a network sharing arrangement.

Holders who consent will receive $3.75 per $1,000 principal amount of notes.

The expiration is 5 p.m. ET on May 18.

Indosat is a telecommunications and information service provider based in Jakarta, Indonesia.

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