Indofood may redeem up to $152 million of bonds.

A UK Appeal ruling permits the giant noodle maker to redeem eurobonds

Lara Wozniak

March 07, 2006

IndonesiaÆs largest food business by sales, Indofood Sukses Makmur, said on Friday March 3 that it has won a UK Court of Appeal verdict permitting it to redeem $280 million in eruobonds at par before their maturity in 2007.

As the bonds are governed by English law, the UK court decided on March 2 that it will permit Jakarta-based Indofood International Finance Limited, a wholly owned subsidiary of PT Indofood Sukses Makmur Tbk, to redeem the 10.375% eurobonds at par.

The reason Indofood sought the early redemption of the bonds that were issued on June 18, 2002 is due to last JanuaryÆs termination of the Indonesia-Mauritius Tax Treaty. The end of the tax treaty with...

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