The increased aggregate leverage came about despite a $19.5 million reduction in LMIRT’s debt obligations from the completion of tender offers for LMIRT Capital, a wholly-owned subsidiary of LMIRT, for its senior unsecured notes due in 2024 and 2026 on Dec 29, 2023.
The manager notes that LMIRT remains within the applicable aggregate leverage limit of 45% and remains in compliance with the financial covenants in its existing loans.
Fitch Ratings Singapore had earlier downgraded LMIRT’s long-term issuer default ratings (IDR) to ‘C’ from ‘CCC-’ on Jan 2.
Units in LMIRT closed 0.2 cents lower or 12.5% down at 1.4 cents on Jan 4.
