Riaupulp tenders for bonds

Riaupulp tenders for bonds

SINGAPORE (Reuter): Asia Pacific Resources International
Holdings Ltd (APRIL) subsidiary P.T. Riau Andalan Pulp & Paper
(Riaupulp) has commenced an offer to purchase outstanding notes,
Riaupulp said.

It said in a statement on Tuesday its offer was for all
outstanding 11 1/2 percent guaranteed secured notes due 2000 and
all 13 1/4 percent guaranteed secured notes due 20005 issued by
its subsidiary, RAPP International Finance Co B.V.

Riaupulp is offering to buy the notes due 2000 at US$1,014 per
$1,000 principal amount plus accrued interest up to the payment
date, with an additional $20 per $1,000 paid for consent by the
holder to eliminate certain covenants.

For the notes due 2005 it is offering $1,050 per $1,000
principal plus accrued interest up to the payment date, and an
additional $20 per $1,000 for a similar consent.

The offers expire August 11, 1997. Bear, Stearns & Co is
acting as dealer manager.

Riapulp is an Indonesian-based producer of market bleached
Kraft pulp for the paper industry.