Milbank LLP advised LMIRT Capital Pte. Ltd. on its successful cash tender offer to holders of its outstanding 7.25% senior notes due 2024 and 7.50% senior notes due 2026.
LMIRT Capital, a subsidiary of Singapore-based Lippo Malls Indonesia Retail Trust, partially used a secured IDR2.5 trillion (US$161 million) amortizing loan to fund the offer and concurrent consent solicitations to amend the indentures of the notes.
Amid challenging market conditions, Corporate Finance and Securities partner Giles Kennedy led the Milbank team, which also included partner Terrence O’Donnell and associate Abril Kang, on the transaction which refinanced a portion of the outstanding notes ahead of maturity and will enable LMIRT to incur new debt to help optimize LMIRT’s debt maturity profile.
