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.