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Lippo Malls Indonesia Retail Trust (LMIRT) will not be paying the coupon on its S$140 6.475% Perp, scheduled for March 27, according to the company’s press release. According to the terms of the notes, there is no obligation on the company to pay the coupon and any unpaid distribution is non-cumulative, akin to most perpetual notes by issuers. The non-payment of interest will result in triggering a dividend stopper clause and the company will not be able to pay any coupon on its S$120mn 8.096% Perp or redeem the securities unless it redeems the 6.475% Perp in full or pays the next scheduled coupon payment on them.
Its 6.475% Perp is already trading at distressed levels of 36.1 cents on the Sing dollar.
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