Lippo Launches $50mn Tender for 2025s/2026s

Indonesia’s Lippo Karawaci launched a tender offer for a total of $50mn of its outstanding dollar bonds. It is offering to buyback its 8.125% 2025s at $870 per $1,000 in principal plus accrued interest (current price 85.92) and its 6.75% 2026s at $770 per $1,000 in principal plus accrued interest (current price 75.52). The tender will be funded by internal cash and net proceeds from a credit facility, and will end on 13 March. The 2025s and 2026s are issued by Theta Capital, guaranteed by Lippo and have a total amount outstanding of $274.138mn and $308.564mn. This is Lippo’s second tender – it bought back $116.26mn  of the 2025s and $108.47mn of the 2026s in early February using proceeds from a credit facility from Bank Negara Indonesia and Bank CIMB Niaga, as per IFR.