Indonesia’s Lippo Karawaci repurchase a total of $120mn of its 2025s and 2026s as part of its tender offer (Term of the Day, explained below) launched on March 6, as per IFR. This is more than twice the initial maximum acceptance amount of $50mn announced at the time of the tender launch. The company has agreed to buyback $32.3mn of its 8.125% 2025s at $870 per S$1,000 in principal plus accrued interest (current price 85.2) and $87.7mn of its 6.75% 2026s at $770 per $1,000 in principal plus accrued interest (current price 75.0). This is on the back of strong interest from bondholders – they applied for $128.4mn of the 2025s and $113.9mn of the 2026s to be tendered. The completion of the tender will reduce the amount outstanding of the 2025s and 2026s to $237.1mn and 194.7mn respectively. The transaction will be funded by internal cash and net proceeds from a credit facility, and settlement is expected on 20 March.

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