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Bond Market News
Lippo Karawaci’s Tender Offer Concludes
June 4, 2024
Theta Capital Pte. Ltd, the unit of Lippo Karawaci had launched a tender offer for its January 2025s and October 2026s, which expired yesterday. As per the tender offer, the company is offering to pay at least $965 for every $1,000 in principal of the 2025s and a minimum of $895 for the 2026s. Post the tender offer, the company will determine the maximum acceptance amount and price for both the notes. Fitch has already downgraded the issuer citing it as a distressed debt exchange. Lippo has been trying to avoid a default on its dollar notes and the buyback would ease some pressure on the company, according to some analysts.
Both the bonds have been on uptrend post the tender offer announcement, with its 8.125% 2025s at 99.2 cents on the dollar, yielding 5.58%
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