Alam Synergy Pte. Ltd. Announces Interim Results of the Exchange Offer and Consent Solicitation and the Extension of the Early Exchange Deadline and Expiration Deadline
October 21, 2020 at 05:27 am
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On September 29, 2020, PT Alam Sutera Realty Tbk. (the Company) announced that it had commenced an exchange offer (the Exchange Offer) to exchange 6.625% Senior Notes due 2022 (the 2022 Notes) and 11.5% Senior Notes due 2021 (the 2021 Notes and together with the 2022 Notes, the Existing Notes) issued by Alam Synergy Pte. Ltd. (the Existing Issuer) and a consent solicitation (the Consent Solicitation, and together with the Exchange Offer and Consent Solicitation) to approve certain proposed amendments (the Proposed Amendments), as described in the exchange offer memorandum dated as of September 29, 2020 (the Exchange Offer Memorandum) to (i) the indenture dated as of October 24, 2016, as amended and supplemented by a first supplemental indenture dated as of February 27, 2019 and a second supplemental indenture dated as of January 29, 2020 (the 2022 Indenture) governing the 2022 Notes, and (ii) the indenture dated as of January 22, 2019, as amended by a first supplemental indenture dated as of January 29, 2020 (the 2021 Indenture, and together with the 2022 Indenture, the Existing Indentures) governing the 2021 Notes. The Existing Notes are guaranteed by the Company and certain of its subsidiaries. On October 14, 2020 the Company announced (i) the results of the Exchange Offer and Consent Solicitation as of 5:00 pm Central European Time, on October 13, 2020, (ii) that the Requisite Consents (as defined in the Exchange Offer Memorandum) to approve the Proposed Amendments had been received, and (iii) the extension of the Early Exchange Deadline (as defined in the Exchange Offer Memorandum) until 5:00 pm Central European Time, on October 20, 2020 (the Expiration Deadline). On September 29, 2020, the aggregate principal amount of the 2022 Notes and 2021 Notes outstanding was $370,000,000 and $115,000,000, respectively. As of the Expiration Deadline, the Company and the Existing Issuer have been advised that Existing Notes validly tendered for exchange, and hence consents to the Proposed Amendments (i) with respect to the 2022 Notes in the aggregate principal amount of $323,821,000, representing 87.52% of the total outstanding principal of the 2022 Notes have been received, and (ii) with respect to the 2021 Notes in the aggregate principal amount of $89,995,058, representing 78.26% of the total outstanding principal of the 2021 Notes have been received. The Company hereby announces, with immediate effect, an extension of the Expiration Deadline and the previously extended Early Expiration Deadline from 5:00 p.m., Central European Time on October 20, 2020 to 5:00 p.m., Central European Time on October 26, 2020 (the New Expiration Deadline). Correspondingly, subject to satisfaction or waiver of the conditions as set forth in the Exchange Offer Memorandum, settlement of the New Notes, delivery of the Exchange Consideration (as defined in the Exchange Offer Memorandum) and a cash payment equal to U.S.$5.00 per U.S.$1,000 principal amount of Existing Notes (the Early Exchange Fee) to eligible Holders whose Existing Notes have been validly tendered and accepted for exchange, and execution of the Supplemental Indentures are expected to occur on or about November 2, 2020, and listing of the New Notes on the SGX-ST is expected to occur on or about November 3, 2020. Eligible Holders who have validly tendered their Existing Notes at or prior to the Expiration Deadline do not need to take any action. Their instructions in connection with the Exchange Offer and Consent Solicitation remain valid and irrevocable. Eligible Holders who have not tendered their Existing Notes may tender their Existing Notes at or prior to the New Expiration Deadline in accordance with the terms and conditions set forth in the Exchange Offer Memorandum. By validly tendering Existing Notes at or prior to the New Expiration Deadline, eligible Holders will be deemed to have given Consent to the Proposed Amendments. Instructions in connection with the Exchange Offer and Consent Solicitation are irrevocable. The Company may, in its sole discretion, amend (subject to applicable law or as otherwise provided herein), extend, re open, terminate or withdraw the Exchange Offer at any time prior to the conditions of the Exchange Offer being satisfied or waived in full. Details of any amendment, extension, re-opening, termination, withdrawal or waiver will be notified to Noteholders as soon as possible after it takes place.
PT Alam Sutera Realty Tbk is an Indonesia-based property developer. The Companyâs business activities include the construction and management of residential, commercial and industrial areas, as well as integrated management of shopping centers, recreation areas and hotels. The Company has approximately 37 housing clusters with around 150-300 housing units in each cluster, three apartments, namely Paddington Heights, Silkwood, EleVee Penthouses & Residenses and one low-rise apartment, namely Lloyd. The Companyâs area also offers schools, entertainment centers, health facilities and shopping centers. It has also launched Suvarna Sutera township, located in Tangerang, which has a development license of approximately 2600 hectors (ha). Suvarna Sutera has developed five super clusters, namely the Suvarna Padi, Suvarna Jati, Suvarna Padma, Suvarna Sari, and Suvarna Respati. In addition, the Company has also built the Garuda Wisnu Kencana (GWK) statue.
Alam Synergy Pte. Ltd. Announces Interim Results of the Exchange Offer and Consent Solicitation and the Extension of the Early Exchange Deadline and Expiration Deadline