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LIPPO Malls Indonesia Retail Trust (LMIRT) has received commitments from BNP Paribas and Standard Chartered for a S$260 million, 54-month term loan.
Proceeds from the loan will be used to refinance S$200 million of bonds that will be due in July, and for working capital and general corporate purposes.
"We are delighted to have received the committed letter of offer from the two banks," Alvin Cheng, chief executive of the trust's manager, said in a statement. "This is a much appreciated vote of confidence for the manager of LMIRT and the prudent management and stable operational performance of LMIRT."