SINGAPORE (Yosefardi) – LMIRT Management Ltd, as manager of Lippo Malls Indonesia Retail Trust (LMIR Trust), said that LMIR Trust has refinanced the balance of its term loan of SGD200 million.
The loan was drawn down on 3 July 2015, by utilizing a 3-year term SGD100M 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 outstanding balance of the SGD200M term loan (which was partly repaid in November 2015 through an unsecured bond issue) of SGD100 million plus accrued interest have been fully paid by LMIR Trust today from the proceeds of a 3-year term loan facility of SGD100 million arranged by the MLAs and internal funding.
Based on the balance sheet of LMIR Trust as at 30 September 2015, its gearing ratio will be maintained at a prudent level of approximately 35% after the refinancing.