Indonesia’s Alam Synergy gets consents to amend 6.95%, 6 5/8% notes

By Susanna Moon

Chicago, Nov. 2 – Alam Synergy Pte. Ltd. said it secured the needed consents to amend its $235 million outstanding 6.95% senior secured notes due 2020 and $245 million 6 5/8% senior secured notes due 2022.

The consent solicitation ended at noon ET on Nov. 1 for the 6 5/8% notes and at 5 p.m. ET on Nov. 1 for the 6.95% notes.

Holders had tendered $233,045,000, or 95.12%, of the 6.95% notes and $214,778,000, or 91.39%, of 6 5/8% notes, according to two separate company notices.

The company announced it is soliciting consents for the two series of notes on Oct. 16 to waive a default that occurred as a result of an administrative error under which the parent guarantor paid a Rp 29.5 billion dividend to its shareholders on July 7 in breach of the indenture.

Each series of notes is secured by parent company PT Alam Sutera Realty Tbk.

For each series of notes, the proposed waiver requires the consents of the holders of a majority of those notes outstanding for approval.

Holders who deliver their consents by the consent expiration deadline will receive a consent fee of $2 per $1,000 principal amount of notes. The consent fee will be paid on Nov. 6.

The solicitation agent is UBS AG, Singapore Branch (+65 6495 8623). The information and tabulation agent is D.F. King (+44 20 7920 9700, +852 3953 7230, 212 269-5550, 888 542-7446, alamsutera@dfkingltd.com or https://sites.dfkingltd.com/alamsutera).

Alam Sutera is a property developer based in Tangerang, Indonesia.

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