Lippo Malls Indonesia Retail Trust secures $209.45m loan facility

Of this, $193.95m will be used to repay existing SGD loans in June 2024.

MIRT Management Ltd., the manager of Lippo Malls Indonesia Retail Trust (LMIR Trust), has announced that LMIR Trust has secured a new IDR2.5t (SGD209.45m) amortising term loan facility with an eight-year average life.

Of this amount, IDR2.315t (SGD193.95m) will be used to prepay existing SGD-denominated loans in June 2024, the company said. The remaining funds will be available for drawdown in the third quarter of 2024, subject to certain conditions.

In compliance with Rule 704(31) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the loan agreement includes a mandatory prepayment clause if PT Lippo Karawaci Tbk ceases to be the largest unitholder of LMIR Trust or the ultimate shareholder of LMIRT Management Ltd.

If such a prepayment event occurs, LMIR Trust’s loan facilities, amounting to approximately SGD357.25m, and those of LMIR Capital Pte. Ltd. and other subsidiaries, amounting to approximately SGD633.49m, could be affected.

As of the date of this announcement, no prepayment event has occurred.