Indonesia-based Lippo’s Theta unit starts tender offers for two notes

By Marisa Wong

Los Angeles, March 6 – Theta Capital Pte. Ltd. started separate tender offers for its outstanding 8 1/8% senior notes due 2025 (ISIN: XS2099273737) and its outstanding 6¾% senior notes due 2026 (ISIN: XS1506085114), according to multiple press releases.

Both notes are guaranteed by parent company PT Lippo Karawaci Tbk.

As of March 6, $274,138,000 of the 2025 notes and $308,564,000 of the 2026 notes are outstanding.

Theta is offering to purchase a maximum aggregate principal amount of $50 million under each offer.

For the 2025 notes, Theta is offering $870 per $1,000 note. For the 2026 notes, the issuer will pay $770 per $1,000 note. The company will also pay accrued interest.

Tenders may be subject to proration.

The offer will expire at 11 a.m. ET on March 13.

Settlement is slated for March 20.

Theta will be paying for the tender offers with internal cash and the proceeds from a credit facility.

The joint dealer managers and solicitation agents are BNI Securities Pte. Ltd. (+65 6911 3752, +65 6911 3759, liabilitymgmt@bnisecurities.com.sg), CIMB Investment Bank Bhd. (+603 2261 8078, +603 2265 8686; projecthermesxvi.cimb@cimbniaga-ibk.co.id) and Deutsche Bank AG, Singapore Branch (+62 6423 4229, dcm.sea@list.db.com).

Morrow Sodali Ltd. is the tabulation, information and tender agent (+44 20 4513 6933, 203 609-4910, +852 2319 4130, lippokarawaci@investor.morrowsodali.com; https://projects.morrowsodali.com/lippo).

The issuer is a Tangerang, Indonesia-based residential and commercial urban developer.

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