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MNC Investama to sell US$56.4M of notes

Indonesia-based PT MNC Investama Tbk plans to sell US$56.4 million worth of senior secured notes.

The notes have a coupon rate of 9% and will mature May 11, 2021, according to a May 3 document.

The company is currently conducting an exchange offer to exchange US$250 million of US$365 million 5.875% senior secured notes due 2018 issued in 2013. The new exchange notes will form a single series with the US$56.4 million worth of notes being issued.

Deutsche Bank, ING and Standard Chartered Bank are the book runners and lead managers, while MNC Sekuritas is the financial adviser.

Meanwhile, the company will exchange US$115 million of the remaining existing notes into subordinated debt that will later be converted into capital stock subject to certain conditions.

MNC Investama said that prior to the commencement of the exchange offer, it obtained a US$30 million loan from shareholder Charlton Group Holdings Ltd. to fund the cash portion of the exchange offer.