Waiver::Consent Solicitation Result

Issuer & Securities

Issuer/ Manager
ALAM SYNERGY PTE LTD.
Securities
ALAMSYNERGYUS$245M6.625%220424 - XS1504809499 - 60QB
ALAMSYNERGYUS$175M11.5%210422 - XS1937702311 - YXQB
Stapled Security
No

Announcement Details

Announcement Title
Waiver
Date &Time of Broadcast
28-Jan-2020 11:06:37
Status
New
Announcement Sub Title
Consent Solicitation Result
Announcement Reference
SG200128OTHRO207
Submitted By (Co./ Ind. Name)
Company
Designation
Company
Effective Date and Time of the event
28/01/2020 09:00:00
Description (Please provide a detailed description of the event in the box below)
JAKARTA, Indonesia, January 28, 2020 On January 17, 2020, Alam Synergy Pte. Ltd. (the Issuer ) announced that it had commenced a consent solicitation (the Consent Solicitation ) to approve certain proposed amendments (the Proposed Amendments ), as described in the consent solicitation statement dated as of January 17, 2020 (the Consent Solicitation Statement ) 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 (the 2022 Indenture ) governing its 6.625% Senior Notes due 2022 (the 2022 Notes ), guaranteed by PT Alam Sutera Realty Tbk (the Parent Guarantor ) and certain of its subsidiaries and (ii) the indenture dated as of January 22, 2019 (the 2021 Indenture , and together with the 2022 Indenture, the Indentures ) governing its US$175,000,000 11.5% Senior Notes due 2021 (the 2021 Notes and together with the 2022 Notes, the Notes ). The Issuer hereby announces today the results of the Consent Solicitation.
The Proposed Amendments required the valid Consents of a majority in aggregate principal amount of each of (i) the 2022 Notes outstanding (the 2022 Requisite Consents ) and (ii) the 2021 Notes outstanding (the 2021 Requisite Consents and together with the 2022 Requisite Consents, the Requisite Consents ) for approval. On January 17, 2020, the aggregate principal amount of the 2022 Notes and 2021 Notes outstanding was US$370,000,000 and US$175,000,000, respectively.
The Issuer confirms the expiration of the Consent Solicitation and confirms that it received the Requisite Consents to approve the Proposed Amendments. As of 5:00 pm Central European Time, on January 24, 2020, the Issuer accepted valid consents to the Proposed Amendments (i) with respect to the 2022 Notes in the aggregate principal amount of US$355,035,000, representing 95.96% of the total outstanding principal of the 2022 Notes, and (ii) with respect to the 2021 Notes in the aggregate principal amount of US$170,749,000, representing 97.57% of the total outstanding principal of the 2021 Notes. Holders who validly delivered their Consents (as defined in the Consent Solicitation Statement) will receive a cash payment equal to U.S.$2.50 per U.S.$1,000 principal amount of Notes (the Consent Fee ), which will be paid on or about January 29, 2020.

Attachments

Alam Sutera Notes Consent Solicitation - Results.pdf
Total size =153K