Gajah Tunggal Offers to Exchange $420 Million of Bonds

Bloomberg reports that PT Gajah Tunggal TbK is offering to exchange US$420 million of 10.25 per cent bonds due in 2010 for new notes maturing in 2014. The Indonesian tyremaker said in a statement that it will exchange the debt at par for noteholders responding to the offer by June 26, and at 95 per cent of face value for those that wait until July 3.