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Lippo Malls Indonesia renews tender offer for 2024, 2026 notes
By Marisa Wong
Los Angeles, Jan. 16 – Lippo Malls Indonesia Retail Trust (LMIR Trust) announced the start of separate tender offers for the $250 million 7¼% senior notes due 2024 (ISIN: XS2010198260) and the $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.
LMIRT Management Ltd., as manager of LMIR Trust, announced that LMIRT Capital is 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.
As of Jan. 16, the aggregate principal amount of 2024 notes outstanding was $188.29 million, and the aggregate principal amount of 2026 notes outstanding was $143,155,000.
The company said it will prioritize the 2024 notes offer over the 2026 notes offer and expects to allocate at least 80% of the acceptance consideration for purchasing tendered 2024 notes and the remaining acceptance consideration for purchasing tendered 2026 notes.
Tenders may be subject to proration.
Pricing will be determined through an unmodified Dutch auction procedure.
In addition to the purchase price, the issuer will pay accrued interest.
Tenders are due by 11 a.m. ET on Jan. 24.
Settlement is expected to occur on Jan. 29.
The offers are subject to a financing condition.
Deutsche Bank AG, Singapore Branch is the dealer manager and consent solicitation agent.
All documentation with details relating to the tender offers are available through Morrow Sodali Ltd., the information and tender agent (https://projects.morrowsodali.com/LMIRT).
LMIRT Trust pursued similar tender offers, along with related consent solicitations, for the two note series in December, as previously reported.
The Indonesian real estate investment trust is based in Singapore.
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