Lippo Malls Indonesia sweetens, extends offer for 2024, 2026 notes

By Mary Katherine Stinson

Lexington, Ky., Dec. 21 – Lippo Malls Indonesia Retail Trust (LMIR Trust) amended the separate tender offers and related consent solicitations for its $250 million 7¼% senior notes due 2024 (ISIN: XS2010198260) and its $200 million 7½% senior notes due 2026 (ISIN: XS2295115997) issued by LMIRT Capital Pte. Ltd. and guaranteed by Perpetual (Asia) Ltd., the trustee of LMIR Trust.

The company has increased the consent fee to $20 per $1,000 in principal amount of the notes.

The expiration of the offer has also been extended to 5 a.m. ET on Dec. 27. The original expiration was 11 a.m. ET on Dec. 20.

At the launch of the offer on Dec. 11, LMIRT Management Ltd., as manager of LMIR Trust, announced that LMIRT Capital was inviting holders of each series of its outstanding notes to tender their notes for purchase up to an aggregate principal amount that it can purchase for an amount equal to all or part of the net proceeds of a credit facility.

Concurrently, LMIRT Capital is seeking consents from holders to proposed amendments to each of the indentures governing the notes.

Correspondingly, with the extension of the offer, the timetable is now as follows: consent settlement is expected to occur on or around Dec. 28 with the offer settlement scheduled for Dec. 29.

Tender instructions remain valid and irrevocable. Eligible noteholders who have validly tendered their notes and that have consented at or prior to the original expiration do not need to take any action and will be eligible to receive the increased consent fee if the relevant requisite consents are received.

Deutsche Bank AG, Singapore Branch is the dealer manager and consent solicitation agent.

All documentation with details relating to the tender offers and consent solicitations are available through Morrow Sodali Ltd., the tabulation, information and tender agent (https://projects.morrowsodali.com/LMIRTtender; https://projects.morrowsodali.com/LMIRTconsent).

The Indonesian real estate investment trust is based in Singapore.

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