JAKARTA (TheInsiderStories) – LMIRT Management Ltd, the manager of Lippo Malls Indonesia Retail Trust (LMIR Trust), said that the LMIR Trust has refinanced the balance of its term loan of S$200 million which was drawn down on Jul. 3, 2015, by utilizing a 3-year term S$100 million loan facility jointly arranged by Standard Chartered Bank (Singapore Branch), BNP Paribas and Qatar National Bank (Singapore Branch) (the Mandated Lead Arrangers or MLA).
The company said in a statement that the outstanding balance of the S$200 million term loan (which was partly repaid in November 2015 through an unsecured bond issue of S$100 million plus accrued interest have been fully paid by LMIR Trust today from the proceeds of a 3-year term loan facility of S$100 million arranged by the MLAs and internal funding.
Based on the balance sheet of LMIR Trust as at Sept. 30, 2015, its gearing ratio will be maintained at a prudent level of approximately 35 percent after the refinancing.
Alvin Cheng, Chief Executive Officer and Executive Director of LMIRT Management Ltd, said “the successful refinancing of the loan gives evidence to the continual confidence of the banking community in the sustainable business model and prudent financial management of LMIR Trust. We are grateful of the support from our relationship banks, Standard Chartered Bank and BNP Paribas, as well as from Qatar National Bank which we are seeking to build a close working relationship with.”
“Whilst we have successfully raised new funding of SGD75M and refinancing of SGD400M in the past 12 months, we look forward to further enhancing the capital LMIRT Management Ltd Co. efficiency of LMIR Trust and to raise additional cost effective funding for the growth initiatives in the coming year,” he said. (*)