Alam Sutera gives results of tender offer, solicitation for 2024 notes

By Mary-Katherine Stinson

Lexington, Ky., Oct. 20 – PT Alam Sutera Realty Tbk. announced the results of its tender offer for its senior secured notes due 2024 (ISIN: XS2238946581) which was conducted as an unmodified Dutch auction, according to a notice.

As of the expiration time of 11 a.m. ET on Oct. 19, a total of $139,069,000 in principal amount of the notes, representing approximately 81.14%, were tendered.

$138,594,000 of the tendered notes, representing approximately 80.86%, were accepted for purchase.

As previously reported, because this was an unmodified Dutch auction, tendering noteholders will not necessarily receive the same price. Noteholders will be paid the purchase price plus interest to the settlement date.

Non-competitive tender instructions were at the minimum offer price, $820 per $1,000 principal amount of note.

Competitive tender instructions were in $1 increments above the minimum offer price.

Concurrent to the tender offer, the company was also soliciting consents to amend some provisions of the indenture from November 2020. The proposed amendments would eliminate substantially all of the restrictive covenants, all of the reporting requirements and some of the events of default in the indenture.

As the majority of noteholders have tendered their notes, the company has received the required consents.

The consents will become effective with the payment of the consent fee which was set at $2 for each $1,000 principal amount of notes.

Tendering noteholders were deemed to have consented, and those who did not wish to tender their notes could consent in the consent solicitation.

Settlement and consent fee payment is expected for Oct. 25.

After settlement, $32,803,000 of the notes will remain outstanding.

UBS AG Singapore Branch is the dealer manager (ol-liabilitymanagement-sea@ubs.com).

Morrow Sodali Ltd. is the tabulation, tender and information agent (+44 20 4513 6933, +852 2319 4130; alamsutera@investor.morrowsodali.com; tender offer: https://projects.morrowsodali.com/ alamsuteratender; consent: https://projects.morrowsodali.com/ alamsuteraconsent).

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

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