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Lippo Malls gets holder OK to swap out issuer for four note series
By Susanna Moon
Chicago, Nov. 27 – Lippo Malls Indonesia Retail Trust said it obtained the needed consents to amend four series of notes in the solicitation that ended at 10 p.m. ET on Nov. 26.
The bondholder meetings also were held Monday.
As announced Oct. 31, the issuer was soliciting consents for the S$75 million series 005 4.1% senior notes due 2020 and S$100 million series 001 4½% senior notes due 2018 issued by LMIRT Capital Pte. Ltd. and the S$140 million series 002 7% perpetual securities and S$120 million series 003 6.6% perpetual securities issued by LMIRT Trustee.
The company was asking for permission to substitute Perpetual (Asia) Ltd. for LMIRT Trustee as issuer or guarantor of each series.
Holders had given consents for S$68.5 million, or 91.33%, of the series 005 4.1% notes; S$85.75 million, or 85.75%, of the series 001 4½% notes; S$129.25 million, or 92.32%, of the series 002 7% perpetuals; and S$103.5 million, or 86.25%, of the series 003 6.6% perpetuals, according to a company announcement.
As of the early deadline, holders had tendered S$67.25 million, or 89.67%, of the series 005 4.1% notes; S$70.75 million, or 70.75%, of the series 001 4½% notes; S$124.25 million, or 88.75%, of the series 002 7% perpetuals; and S$97.75 million, or 81.46%, of the series 003 6.6% perpetuals.
The early bird consent fee is 15 basis points for holders who submit voting instructions in favor of the changes by 5 a.m. ET on Nov. 15.
The regular consent fee is 10 bps.
CIMB Bank Bhd. (+65 6302 3956 or 65 6302 3955) is the solicitation agent.
Lippo Malls Indonesia is a Singapore-based real estate investment trust.
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