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Indonesia's MNC Investama offers to exchange US$250M of senior notes

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Indonesia's MNC Investama offers to exchange US$250M of senior notes

Indonesia-based PT MNC Investama Tbk launched an offer to exchange US$250 million of existing 5.875% senior secured notes for new notes to be issued by the company.

The existing notes, due in 2018, were issued by company subsidiary Ottawa Holdings Pte. Ltd. in 2013 and guaranteed by MNC Investama.

For every US$1,000 of principal amount of existing notes accepted for exchange, the holder will receive US$880 of new U.S. dollar-denominated senior secured notes due 2021, any fractional cash payment, a cash payment of US$120 and accrued interest on the existing notes, according to an April 17 filing.

The final interest rate of the new notes will be at least 8%.

The exchange offer will expire April 25 and the new notes will be issued May 4.