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AIFM Directive - Analysis highlights Commission divergence from ESMA level 2 proposals
Theta Capital Pte. Ltd., a unit of property developer PT Lippo Karawaci Tbk (LPKR) has on 9 May 2012 launched the issue of US$150 million senior notes, to be used for (a) the development of new retail malls, hospitals and large scale integrated development and (b) working capital requirements and general corporate purpose. The notes will be guaranteed by LPKR and its subsidiaries. Citigroup and Deutsche Bank were joint global coordinators and lead managers in the issuance.
LPKR is one of the largest property developers in Indonesia and in recent years, it has diversified into the healthcare and hospitality businesses and infrastructure development. On 10 May 2012, LPKR announced that it had successfully priced the US$150 million senior notes and had "managed to attract US$680 million worth of orders from 72 accounts". Ketut Budi Wijaya, LPKR President Director, was quoted in LPKR's press release saying, "...The over subscription of 4.5x, further reinforces that the global markets continue to believe in the strong fundamentals of Lippo Karawaci and the Indonesian economy. This new bond issuance will provide us with the financial flexibility to pursue and implement our growth plans in hospitals, retail malls and residential projects while maintaining a healthy balance sheet."
The notes were successfully listed on the Bond Market of the Singapore Stock Exchange on 17 May 2012.
Stamford Law is the Singapore legal adviser to Theta Capital Pte Ltd, the issuer, and its parent company, LPKR.
Stamford Law has previously acted as Singapore legal adviser to LPKR in respect of the issue of US$395.61 million notes due 2015 by another subsidiary of LPKR, Sigma Capital Pte. Ltd., which are currently listed on the Bond Market of the Singapore Stock Exchange.
For more information please visit www.stamfordlaw.com.sg