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Bond Market News
LMIRT’s 2024s Jump Up 2.6 Points
May 23, 2024
Lippo Malls Indonesia Retail Trust (LMIRT) announced the results of the exchange offer regarding its 7.25% bonds due June 2024. Bondholders validly tendered $40.815mn of the notes, or about 29.48% of the total principal outstanding. Following the settlement, $97.629mn in aggregate principal of the notes will remain outstanding. Holders would receive $432 in principal amount of new notes for every $1,000 in principal of the old notes tendered, together with a cash payment of $600 for each note tendered. The new notes will come in the form of a $200mn 7.5% senior bond due 2026, guaranteed by Perpetual Asia.
LMIRT’s 7.25% 2024s jumped higher by 2.6 points to 98.75, yielding 28.1%.
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