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Indonesia's Pakuwon Jati completes exchange for 12% secured notes
By Jennifer Chiou
New York, Nov. 18 - Pakuwon Jati Finance BV said it obtained tenders for $83.75 million, or 76.14%, of the 12% senior secured notes due 2011 guaranteed by PT Pakuwon Jati Tbk. in the exchange offer that wrapped at 5 p.m. ET on Nov. 17.
The offer had been extended from noon ET on Nov. 5. The additional time was to facilitate the replacement of the Indonesian collateral security agent and the finalization of documentation for a refinancing facility and to appoint a replacement security agent.
The company was offering to exchange the notes for new step-up cash coupon and pay-in-kind interest senior notes due 2015.
For each $1,000 principal amount of the existing notes, Pakuwon Jati will issue $400 principal amount of new step-up cash coupon and PIK interest notes due 2015 and $600 in cash plus an early exchange fee of $20.00 for those who tendered by the early exchange deadline.
Settlement is slated for Nov. 30.
In result of the tenders, the company will issue $35,075,000 of the new notes.
Pakuwon Jati will also make a one-time cash payment in the offer, which began on Oct. 20. It previously adjusted the cash payment schedule.
For what it already called "administrative purposes," the company was to pay $125 of the cash payment on the scheduled interest payment date of Nov. 16 and the remaining $475 on the settlement date.
Pakuwon Jati previously said on Nov. 4 that it had obtained the necessary consents to amend the notes.
The consent deadline was noon ET on Oct. 30. At that time, holders of a majority of the notes had given consents to the proposed amendments and waivers to the note indenture.
Lucid Issuer Services Ltd. was the information agent and exchange agent (44 207 704-0880).
The Jakarta, Indonesia-based group's principal activities are developing commercial and residential properties.
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