THE manager of Lippo Malls Indonesia Retail Trust (LMIRT) announced via a bourse filing on Friday (Oct 21) that the trust has obtained a bridging loan facility of up to S$67.5 million with BNP Paribas and the Singapore branch of CIMB.
The loan would be used to refinance existing debt obligations of Perpetual Asia, a trustee of the retail trust. This includes repaying a term-loan facility of up to S$67.5 million under an existing S$135 million term-loan facility made available to the trustee in 2018, read the filing by LMIRT Management.
The drawdown of the loan is expected to occur on or about Oct 28 this year, and it is needs to be repaid by Nov 9 next year.
Both banks would be able to cancel their loan commitments or demand repayment if the manager of LMIRT is replaced, and the replacement was not appointed according to the terms of its trust deed, or if Lippo Karawaci and its subsidiaries cease to hold or control, directly or indirectly, more than half the issued and paid-up share capital of LMIRT Management.
In the event of a default, the aggregate level of facilities that may be affected is up to S$1.1 billion.