Polytama Propindo extends consent deadlines for 8% and 6% note tenders

New York, March 15 - PT Polytama Propindo said that it has extended the consent deadline of its previously announced tender offer and related consent solicitation for its 8% guaranteed secured notes due 2017 and 6% guaranteed secured exchangeable notes due 2012 issued by Polytama International Finance B.V.

The consent deadline was extended to 5 p.m. ET on March 16, subject to possible further extension, from the originally announced deadline of 12 p.m. ET on March 12.

As of the original deadline, the company had received tenders of $69.272 million principal amount of the 8% notes and $23.097 million principal amount of the 6% notes.

It received consents to proposed indenture changes from the holders of $75.113 million principal amount of the 8% notes and $25.089 million principal amount of the 6% notes.

As previously announced, PT. Polytama Propindo, a Jakarta, Indonesia-based company, said on March 1 that it had launched a tender offer and related consent solicitation for its 8% and 6% notes.

It initially set a consent deadline of 12 p.m. ET on March 12, which has now been extended, and said the tender offer would expire at 12 p.m. ET on April 13, with both deadlines subject to possible extension.

The company attempted unsuccessfully to tender for those notes last year, but was forced to announce on Dec. 18 that the tender offer had been terminated due to the lack of necessary funding.

It did not give any other details about the new tender offer.

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