(Bloomberg) -- Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.

Kroll will hold a call with bondholders on Monday to update them on the proposed terms of the exchange offer, said the people who asked not to be identified for discussing private information.

The move comes after Fitch Ratings warned in February that the company may find it difficult to secure funds to repay the $132 million of debt. Property developers in Indonesia may face higher refinancing pressure after the central bank raised interest rates this week.

Some bondholders are looking to form a group for debt negotiations but have yet to officially pick advisers to represent them in the debt talks, said the people. 

A weaker rupiah and elevated US interest rates also mean borrowers will have to pay more to refinance their offshore obligations.

Agung Podomoro’s junk-rated note was quoted this week at 75 cents on the dollar, trading near a recent low that’s the lowest since Sept. 2023.

A Kroll representative declined to comment. Calls and texts to a representative of Agung Podomoro on Thursday were unanswered.

--With assistance from Pearl Liu.

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