The notes are a further issuance of and will rank equal to the US$200 million aggregate principal amount of 7.5% guaranteed senior notes due 2026. These notes were issued by LMIRT on Feb 9, 2021. The notes will rank the same as the US$17.6 million 7.5% notes due 2026 that were issued on May 28.
The latest notes will be issued at an issue price of 95.152% of their principal amount. This includes accrued interest that spans from Feb 9 to June 11.
The notes are expected to be issued on June 12. They will be guaranteed by LMIRT’s trustee, Perpetual (Asia).
The proceeds received from the sale of the notes will be used to refinance a portion of LMIRT’s US dollar (USD)-denominated 7.25% guaranteed senior notes that are due in 2024. The proceeds will also pay for any fees and expenses from the issue of the latest notes.
See also: Stoneweg: New sponsor, new chapter
Shanghai Pudong Development Bank is the lead manager for the placement.
Units in LMIRT closed 0.1 cent lower or 8.33% down at 1.1 cents on June 5.
