This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) May 9, 2025--Pakuwon Jati Tbk. PT?s growing recurring income and robust cash flow will help it fulfil a tender offer for a part of its outstanding notes. The Indonesia property developer announced a capped bond tender offer of up to US$100 million for its outstanding US$400 million senior unsecured notes due 2028. The tender will be fully funded through internal cash. If completed, the transaction would reduce the company's leverage and strengthen its credit profile (BB+/Stable/--). We view the proposed liability management initiative as opportunistic. The purchase price will not be lower than US$962.5 per US$1,000 principal amount, slightly higher than the prevailing market price. The discount to
