Daily Brief Credit: Lippo Malls Indonesia – Event Flash – Exchange Offer For 2024 Notes; Q1 Results – Lucror Analytics and more

Yesterday, Lippo Malls Indonesia Retail Trust (LMIRT) launched an exchange offer for the USD 7.25% 2024 notes maturing on June 19th, with an outstanding amount of USD 138.4 mn. The company has offered to exchange each of the USD 1,000 principal of the notes for USD 432 of USD 7.5% 2026 notes and a USD 600 cash payment. The funding will come from a credit facility of up to IDR 1.5 tn.

We recommend that holders of the 2024 notes participate in the offer. Considering that it requires 70% of holders to take part, holding out could cause the transaction to fall through, with LMIRT then defaulting on the notes.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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