Gajah Tunggal, the troubled Indonesian tyre manufacturer, announced an exchange offer for its $420m high yield bonds on Friday in a last-ditch attempt to restructure its obligations before a July coupon payment.
Gajah Tunggal is asking investors to switch at par from its 10.25% senior unsecured notes due July 2010 to a new five year bond with an initial coupon of 5%, stepping up to 6% in year three, 8% in year four, and returning to 10.25% in year five.
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