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20230728_APLN_Laporan Informasi dan Fakta Material_31355282_lamp1.pdf
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AGUNG PoDOMORA NJ: Jakarta, 28 Juli 2023 Nomor: 019/APLN-CM/VII.2023 Kepada Otoritas Jasa Keuangan Gedung Soemitro Djojohadikusumo Jln. Lapangan Banteng Timur 2-4 Jakarta 10710 U.p. Yth. Kepala Eksekutif Pengawas Pasar Modal Perihal: Informasi terkait Peringkat Obligasi Senior USD APL Realty Holdings Pte. Ltd. Dengan hormat, Kami bermaksud menginformasikan mengenai tindakan pemeringkatan yang dilakukan oleh Fitch Ratings (“Fitch”), dan Moody's Investors Service (“Moody's”). Sebelumnya kami jelaskan terlebih dahulu sebagai berikut: » APL Realty Holdings Pte. Ltd. (“APL Realty”) adalah suatu perseroan terbatas yang didirikan di Republik Singapura, dan merupakan entitas anak Perseroan yang seluruh sahamnya dimiliki oleh Perseroan. » Pada tanggal 2 Juni 2017, APL Realty menerbitkan Obligasi Senior dengan nilai pokok USD 300.000.000 (tiga ratus juta Dolar Amerika Serikat), dengan jangka waktu 7 tahun, dan kupon 5,9596 (lima koma sembilan lima persen) per tahun (“Senior Notes”) berdasarkan indenture tanggal 2 Juni 2017 (“Indenture”), yang dicatatkan dan diperdagangkan di Bursa Efek Singapura (“SGX”). « Pada tanggal 11 Juli 2023, APL Realty melakukan pengumuman pada SGX perihal dimulainya penawaran tender atas Senior Notes yang diterbitkan oleh APL Realty (“Tender Offer”) dan permohonan persetujuan untuk mengubah beberapa ketentuan tertentu dari Indenture (“Consent Solicitation”). IMohon merujuk pula pada surat PT Agung Podomoro Land Tbk (“Perseroan”) No. 015/APLN- CM/VII.2023 tanggal 11 Juli 2023 perihal: Laporan Informasi atau Fakta Material, dan No. 017/APLN- Jakarta, July 28, 2023 Number. To 019/APLN-CM/VII.2023 Financial Services Authority (“OJK”) Soemitro Djojohadikusumo Building Jin. Lapangan Banteng Timur 2-4 Jakarta 10710 Att Subject: n: Chief Executive of the Capital Market Supervisor Information in Regard with the Rating of USD Senior Notes of APL Realty Holdings Pte. Ltd. Dear Sir, We intend to inform regarding the rating action taken by Fitch Ratings (“Fitch”), and Moody's Investors Service (“Moody's”). Firstly, let us explain as follows: APL Realty Holdings Pte. Ltd. (“APL Realty”) is ad limited liability company incorporated in the Republic of Singapore, and is @ subsidiary of the Company whose shares are wholly owned by the Company. On June 2, 2017, APL Realty issued a Senior Notes with principal amount of USD 300,000,000 (three hundred million US Dollar), with 7 years tenor, and coupon of 5.9596 (five point nine five percent) per annum (“Senior Notes”) based on the indenture dated June 2, 2017 (“Indenture”), which are listed and traded on the Singapore Stock Exchange (“SGX”). On July 11, 2023, APL Realty made an announcement at SGX regarding the commencement af tender offer of Senior Notes issued by APL Realty (“Tender Offer”) and soliciting consents for an amendment of certain provisions of the Indenture (“Consent Solicitation”). (Please also refer to PT Agung Podomoro Land Tbk (the “Company"Ys letter No. 015/APLN-CM/VII.2023 dated July 11, 2023 regarding: Report on Material Information or Facts, and No. 017/APLN-CM/VII.2023 dated July 17, 2023 regarding: Response to IDX Reguest for Explanation, submitted by the Company PT AGUNG PODOMORO LAND, Tbk. | APL Tower 43rd - Asth floor, Podomoro City | Jl Let. Jend. S. Parman Kav. 28, Jakarta 11470, Indonesia T. 462 21 290 34567 1F. “62 21 290 34550 511 www.agungpodomoroland.com
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AGUNG PODOMORO LAND AN CM/VII.2023 tanggal 17 Juli 2023 perihal: Tanggapan atas Permintaan Penjelasan Bursa, yang disampaikan Perseroan melalui SPE-IDXnet dengan nomor surat: 035/APLN/VII/2023 tanggal 11 Juli 2023, dan 037/APLN/VII/2023 tanggal 17 Juli 2023.) Tindakan pemeringkatan oleh Fitch dan Moody's dilakukan sehubungan Tender Offer dan Consent Solicitation yang dijalankan oleh APL Realty mulai 11 Juli 2023 dan berakhir pada 24 Juli 2023 pukul 16:00 Waktu London. 1. Tindakan Pemeringkatan oleh Fitch: » Diumumkan melalui siaran pers Fitch tanggal 26 Juli 2023. » Fitch telah menurunkan peringkat jangka panjang /ssuer Default Rating (“IDR”) Perseroan menjadi 'C' dari “CCC-', dan menurunkan peringkat Senior Notes menjadi 'C', dari 'CCC-', dengan Peringkat Pemulihan 'RR4'. » Penurunan peringkat dikarenakan Fitch berpendapat bahwa Tender Offer merupakan suatu kondisi “distressed debt exchange' (DDE) karena transaksi tersebut akan menyebabkan pengurangan persyaratan yang material dan, menurut pandangan Fitch, dilakukan untuk menghindari gagal bayar. » Fitch akan menurunkan IDR Perseroan menjadi "Restricted Default' (RD) setelah menyelesaikan DDE, dan menilai kembali peringkat sejalan dengan struktur permodalan pasca restrukturisasi. 2. Tindakan Pemeringkatan oleh Moody's: » Diumumkan melalui siaran pers Moody's tanggal 26 Juli 2023. ? Moody's telah menegaskan peringkat corporate family rating (CFR) Perseroan pada Caa2, dan pada saat yang sama menurunkan peringkat Senior Notes menjadi Caa3 dari Caa2. Outlook untuk semua peringkat tetap negatif » Rachel Chua, Wakil Presiden Moody's dan Analis Senior, mengatakan dalam siaran pers bahwa Moody's memandang transaksi tersebut sebagai distressed exchange, yang merupakan bentuk through — SPE-IDXnet with — letter — number: 035/APLN/VII/2023 dated July 11, 2023, and 037/APLN/VII/2023 dated July 17, 2023.) The rating actions by Fitch and Moody's were taken in conjunction with the Tender Offer and Consent Solicitation undertaken by APL Realty commencing July 11, 2023 and ending on July 24, 2023 at 16:00 London Time. 1. Rating Action by Fitch: » Announced in Fitch's press release on July 26, 2023. » Fitch has downgraded the Company's long-term Issuer Default Rating (IDR) to “C' from 'CCC-', and downgraded the rating on Senior Notes to 'C', from “CCC-, with d Recovery Rating of 'RR4'. » The downgrade is driven by Fitch's opinion that the Tender Offer constitutes a 'distressed debt exchange' (DDE) as the transaction will lead toa material reduction in terms and, in Fitch's view, is being conducted to avoid a default. » Fitch will downgrade the Company's IDR to "Restricted Default' (RD) on completion of the DDE, and re-assess the ratings in line with the post- restructuring capital structure. 2. Rating Action by Moody's: » Announced in Moody's' press release on July 26, 2023. » Moody's has affirmed the corporate family rating (CFR) of the Company at Caa2, and at the same time has downgraded the Senior Notes to Caa3 from Caa2. The outlook on all ratings remains negative. » Rachel Chua, a Moody's Vice President and Senior Analyst, said in the press release that Moody's view the transaction as a distressed exchange, which is a form of default under their definition, PT AGUNG PODOMORO LAND, Tbk. | APL Tower 43rd - 4bth floor, Podomoro City | Jl. Let. Jend. 5. Parman Kav. 28, Jakarta 11470, Indonesia T. 462 21 290 345671 F. «62 21 290 34550 - 51 | Web. www.agungpodomoroland.com
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AGUNG N PODOMORO LAND gagal bayar menurut definisi mereka, dan bahwa transaksi tersebut dimaksudkan untuk sebagian membantu perusahaan menghindari gagal bayar. Peringkat atas Senior Notes yang tersisa telah diturunkan ke Caa3 untuk mencerminkan risiko subordinasi hukum bagi pemegang Senior Notes. Struktur permodalan Perseroan pasca tender akan beralih sebagian besar menjadi pinjaman dengan jaminan. Demikian kami sampaikan. Atas perhatiannya, kami mengucapkan terima kasih. Hormat kami, and that the transaction is intended to partly help the company avoid a default. The ratings on the remaining Senior Notes have been notched to Caa3 to reflect legal subordination risk for the Senior Notes' holders. The Company's post-tender capital structure will shift to incorporate a majority of secured borrowings. Thank you for your kind attention. Respectfully, PT Agung Podomoro Land Tbk. Sekretaris Perusahaan | Corporate Secretary Tembusan: PT Bursa Efek Indonesia — Divisi Penilaian Perusahaan Group 2 CC: PT Bursa Efek Indonesia — Division of Issuer Evaluation Group 2 PT AGUNG PODOMORO LAND, Tbk. | APL Tower 43rd - 46th floor, Podomoro City | Jl. Let. Jend. 5. Parman Kav. 28, Jakarta 11470, Indonesia T. 162 21 290 34567 | F. 462 21 290 34550 51 Web. www.agungpodomoroland.com
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