Indonesia's Polytama Propindo gets 8% and 6% noteholder consents

New York, March 18 - PT Polytama Propindo said that it has fulfilled the consent condition 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 BV.

The company said that the consent deadline expired as scheduled at 5 p.m. ET on March 16, without further extension, and that as of that time, about 88% of the outstanding principal amount of each series of notes had been tendered, and consents to proposed indenture changes representing about 95% of each series of notes had been received. The company said it has accepted all properly delivered consents.

Breaking down the results further, the company said that as of the now-expired consent deadline, $69.272 million of the 8% notes and $23.096 million of the 6% notes had been tendered - unchanged from the amount tendered by the original consent deadline of 5 p.m. ET on March 12 and announced on March 15.

As of the March 16 deadline, consents representing $75.112 million of the 8% notes and $25.089 million of the 6% notes had been received, also unchanged from the amount delivered by the original deadline.

The underlying tender offer for both series of notes meanwhile continues and is scheduled to expire on April 13, subject to possible extension.

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 was subsequently extended, and said the tender offer would expire at 12 p.m. ET on April 13, 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 initially give any other details about the new tender offer.

On March 15, Polytama Propindo said that it had extended the consent deadline 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.

The company said that as of the original deadline, it had received tenders of $69.272 million principal amount of the 8% notes and $23.096 million principal amount of the 6% notes.

It received consents to proposed indenture changes from the holders of $75.112 million principal amount of the 8% notes and $25.089 million principal amount of the 6% notes.

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