S&P: Lippo Karawaci notes B+

Standard & Poor's said it assigned a B+ rating to the proposed issue of $125 million of senior unsecured notes due 2015 by Sigma Capital Pte Ltd., a fully owned special purpose vehicle of PT Lippo Karawaci Tbk., which has B+ ratings and a stable view.

Lippo Karawaci guarantees the notes.

The proceeds will be used to repay $66.2 million of its 2011 notes, loans totaling $49.8 million from Bank Negara Indonesia and $9 million of accrued interest and transaction fees and expenses, the agency said.

The proposed issue could allow Lippo Karawaci to ease its debt maturity profile, S&P said.

For the fiscal year that ended Dec. 31, 2010, Lippo Karawaci's ratio of lease-adjusted debt-to-EBITDA was 4.5x. The agency said it expects the ratio to remain below 5x in the next 12 to 18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.