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Lippo’s Theta unit gives results of tender offers for two notes
By Marisa Wong
Los Angeles, March 17 – Theta Capital Pte. Ltd. announced the results of its March 6 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.
Theta had offered to purchase a maximum aggregate principal amount of $50 million under the offers.
As of the expiration of the offers at 11 a.m. ET on March 13, holders had tendered $128,403,000 of the 2025 notes and $113,903,000 of the 2026 notes.
The issuer decided to increase the maximum acceptance amount to $120 million and will accept $32,294,690 of the tendered 2025 notes and $87,705,310 of the tendered 2026 notes.
For the 2025 notes, Theta will pay $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.
Settlement is slated for March 20.
After settlement, remaining outstanding will be $237,145,000 of the 2025 notes, or 86.51% of the $274,138,000 outstanding at the start of the offer, and $194,661,000 of the 2026 notes, or 63.09% of the $308,564,000 outstanding at the start of the offer.
Both notes are guaranteed by parent company PT Lippo Karawaci Tbk.
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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