JAKARTA (theinsiderstories.com) – LMIRT Capital Pte Ltd, a wholy-owned subsidiary of Lippo Malls Indonesia Retail Trust, has issued a five-year $75 million Euro Medium Term Notes (MTN).
The company said in a statement that the Notes will mature on or about 22 June 2020 and will bear a fixed interest rate of 4.10% per annum payable semi-annually in arrear. The Notes constitute unsecured obligations of LMIRT Capital Pte. Ltd. ranking pari passu and without any preference among themselves.
Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank have been appointed as the joint bookrunners of the Notes.
The obligations of LMIRT Capital Pte Ltd under the Notes are unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Lippo Malls Indonesia Retail Trust) (the Guarantor).
“Subsequent to receiving a Baa3 rating from Moody’s last week, we are delighted that we are able to capitalize on the increased confidence from the investors to achieve such favourable terms for the Notes. At the same time, with a well-balanced spread of both institutional and private banking investors in this 5 year bond issue, we have further enhanced LMIRT’s debt investor base,” Executive Director & CEO of the Manager, Alvin Cheng, said.
Lippo Malls Indonesia Retail Trust is an Indonesian retail estate investment trust (REIT), which was listed on the SGX-ST on 19 November 2007. The Turst aims to provide exposure to Indonesia’s growing retail property sector.
It is established with the principal objective of owning and investing, on a long term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes. The Trust Manager’s focus is to maintain good occupancy and balanced property and tenant diversification across the portfolio, through proactive asset management of the retail mall and spaces.
As at 31 December 2014, LMIR Trust’s portfolio comprises seventeen 17 retail malls and seven major retail spaces located within other malls in Indonesia. All of these properties are located in Indonesia with a combined net lettable area of 781,622 sqm and has a valuation of approximately S$1.841 billion. (*)