Lippo Malls Indonesia gives results of 2024, 2026 notes tender offers

By Mary Katherine Stinson

Lexington, Ky., Dec. 28 – Lippo Malls Indonesia Retail Trust (LMIR Trust) concluded the separate tender offers and related consent solicitations for its $250 million 7¼% senior notes due 2024 (ISIN: XS2010198260) and its $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, according to a notice on Wednesday.

As of the extended expiration date of 5 a.m. ET on Dec. 27, a total of $43.51 million principal amount of the 2024 notes, representing about 18.77% of the total outstanding principal, and a total of $38,545,000 principal amount of the 2026 notes, representing about 21.21% of the total outstanding principal, were tendered and accepted for purchase without proration.

At the launch of the offer on Dec. 11, LMIRT Management Ltd., as manager of LMIR Trust, announced that LMIRT Capital was 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. The original expiration of the offer was 11 a.m. ET on Dec. 20.

Concurrently, LMIRT Capital was seeking consents from holders to proposed amendments to each of the indentures governing the notes.

The issuer reported on Wednesday that it received the required consents, meaning it obtained the approval of holders of a majority in principal amount of each series of notes.

As announced on Dec. 21, the company had increased the consent fee to $20 per $1,000 principal amount.

Payment of the consent fee is expected to occur on or around Dec. 28, with settlement of the tender offer scheduled for Dec. 29.

Following settlement and cancellation, $188.29 million aggregate principal amount of the 2024 notes and $143,155,000 aggregate principal amount of the 2026 notes will remain outstanding.

Deutsche Bank AG, Singapore Branch is the dealer manager and consent solicitation agent.

All documentation with details relating to the tender offers and consent solicitations are available through Morrow Sodali Ltd., the tabulation, information and tender agent (https://projects.morrowsodali.com/LMIRTtender; https://projects.morrowsodali.com/LMIRTconsent).

The Indonesian real estate investment trust is based in Singapore.

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