Indonesia's Polytama Propindo completes tender for 8% and 6% notes

New York, April 14 - PT. Polytama Propindo said that the conditions to the consummation of its previously announced tender offer and consent solicitation for its 8% guaranteed secured notes due 2017 and 6% guaranteed secured exchangeable notes due 2012 issued by Polytama International Finance BV have been fulfilled, and the company has accepted all properly tendered notes for purchase.

The offer expired as scheduled at 12 p.m. ET on April 13, without extension; as of that deadline, $74,934,802 principal amount of the 8% notes had been tendered, up from the $69,272,039 announced on March 18, when the company announced the satisfaction of the consent condition to its offer, and $24,984,586 in principal amount of the 6% notes had been tendered, up from the $23,096,629 announced on March 18.

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 had 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 $69,272,039 principal amount of the 8% notes and $23,096,629 principal amount of the 6% notes.

It received consents to proposed indenture changes from the holders of $75,112,670 principal amount of the 8% notes and $25,089,063 principal amount of the 6% notes.

On March 18, Polytama Propindo said that it had fulfilled the consent condition of its tender offer, with about 88% of the outstanding principal amount of each series of notes having been tendered, and consents to proposed indenture changes representing about 95% of each series of notes having been received by the consent deadline, which expired as scheduled at 5 p.m. ET on March 16, without further extension, and said that it had accepted all properly delivered consents.

The company said the investor participation level as of the consent deadline was unchanged from the figures announced on March 15.

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