LMIRT
LMIRT launches rights issue to raise S$63 million
Most of the proceeds will go towards paying off loans; some of it will be used for general working capital
LMIRT Q1 net property income dips 2.4% to S$29.2 million
Revenue for the three months inches up 1.4% to S$49.9 million
LMIRT could fail to meet minimum interest coverage ratio for FY2024, expects no financial consequences
This is mainly due to non-operational accounting adjustments made to Ebitda and interest expenses in Q2 and Q3
Moody’s, Fitch withdraw LMIRT’s credit ratings
The agencies also withdraw ratings on notes issued by LMIRT’s wholly owned subsidiary, LMIRT Capital
LMIRT posts 9.2% fall in Q2 net property income; distributions still withheld
Leverage ratio remains at ‘elevated level’ of 44.96%, notes chief executive of the manager
Fitch downgrades LMIRT to ‘C’ from ‘CCC’ on distressed debt exchange
The cut in ratings follows LMIRT’s announcement that it will proceed with a tender offer, subject to the fulfilment of certain conditions
LMIRT upsizes loan facility to 4.5 trillion rupiah
Proceeds will be used to finance the purchase of outstanding 7.5 per cent senior notes due 2026
LMIRT’s gearing exceeds 45% amid currency changes
The manager says this does not breach the aggregate leverage limit as defined in the Monetary Authority of Singapore’s Collective Investment Schemes code
Fitch Ratings downgrades LMIRT to ‘C’ following exchange offer
LMIRT’s senior secured notes are also downgraded and given a recovery rating of ‘RR4’
