Lippo Malls Indonesia trust raises S$75m through bonds
Singapore
LIPPO Malls Indonesia Retail Trust (LMIRT) has raised S$75 million through the issuance of five-year bonds with a coupon of 4.1 per cent, a term sheet seen by The Business Times showed on Monday. Orders were in excess of S$100 million.
This issuance saw strong demand from institutional investors, which made up 80 per cent of the final allocation. "This also marks the first bond issuance since LMIR Trust obtained an investment-grade rating on Friday and allowed the company to set a new pricing benchmark to reflect its newly minted investment-grade status," said Pee Beng Kiong, head, Bond Syndicate, OCBC. The bank and Standard Chartered are joint lead managers and bookrunners.
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