Lippo Malls Indonesia Retail Trust ("LMIR Trust") as borrower, currently has in place: (1) a term loan facility of up to SGD 135,000,000 granted pursuant to a facility agreement dated 9 November 2018, as amended and restated by an amendment and restatement agreement dated 16 October 2023, and (2) a loan facility of up to SGD 67,500,000 granted pursuant to a facility agreement dated 21 October 2022, as amended and restated by an amendment and restatement agreement dated 16 October 2023 ("Bridge Loan Facility Agreement").
Meanwhile LMIRT Capital Pte. Ltd. (a wholly-owned subsidiary of LMIR Trust) as borrower, currently has in place term loan facilities of up to SGD 120,000,000 which were granted pursuant to a facility agreement dated 6 January 2021, as amended and restated by an amendment and restatement agreement dated 21 October 2022 and as amended and restated by an amendment and restatement agreement dated 16 October 2023. The current outstanding principal amounts under the Term Loan Facility Agreement, the Bridge Loan Facility Agreement and the Puri Loan Facility Agreement are SGD 38,250,000, SGD 60,750,000 and SGD 99,000,000 respectively and mature on 9 November 2026. Under the Facility Agreements, certain properties were provided as collateral, including Sun Plaza, located at Jalan Haji Zainul Arifin No. 7, Madras Hulu, Medan Polonia, Medan, North Sumatra, Indonesia ("Sun Plaza") and Lippo Mall Kemang, located at Jalan Kemang VI, Bangka Sub District, Mampang Prapatan District, South Jakarta, DKI Jakarta Province, Indonesia.
LMIRT Management Ltd. (the "Manager"), as manager of LMIR Trust, wishes to announce that consent requests have been made to the relevant lenders under the Facility Agreements to obtain consent for the replacement of Sun Plaza (the "Property Replacement Exercise") with the following properties: 1. Mal Lippo Cikarang, located at Jl. MH Thamrin Lippo Cikarang, Desa/Kelurahan Cibatu, Kec. Cikarang Selatan, Kab. Bekasi, Provinsi Jawa Barat, 17530; 2. Gajah Mada Plaza, located at Jl. Gajah Mada No. 19-26, Petojo Utara, Gambir, Central Jakarta, Jakarta, 10130; 3. Kramat Jati Indah, located at Jl. Raya Bogor No.19, Desa/Kelurahan Kramatjati, Kec. Kramatjati, Kota Adm. Jakarta Timur, Provinsi DKI Jakarta, 13510; 4. Lippo Mall Kuta, located at Jl. Kartika Plaza, Lingkungan Segara, Desa/Kelurahan Kuta, Kec. Kuta, 80361; 5. Plaza Madiun Units, located at Jl. Pahlawan No. 38-40, RT. 21 /RW. 07, 63121; and 6. Plaza Medan Fair, located at Jl. Jend Gatot Subroto No. 30, Sekip, Medan Petisah, Desa/Kelurahan Sekip, Kec. Medan Petisah, Kota Medan, Provinsi Sumatera Utara, 20113. As part of the Property Replacement Exercise, if the relevant consents of the lenders under the Facility Agreements have been obtained and subject to certain conditions precedent (including consent fees and upfront prepayments (the "Upfront Prepayments") of an aggregate amount of about SGD 6,500,000 under the Facility Agreements), security will be created over the Replacement Properties in consideration of the discharge of the security over Sun Plaza and its related assets. LMIR Trust intends to use existing cash balances and internally generated cashflows to fund the Upfront Prepayments and the Additional Prepayments due on or before 28 June 2024. In relation to the outstanding USD notes issued by LMIRT Capital Pte. Ltd., the Manager is in discussion with CIMB Bank Berhad, Singapore Branch, Shanghai Pudong Development Bank, Singapore Branch, BNP Paribas and Deutsche Bank to explore potential liability management alternatives. Unitholders are reminded to exercise caution when dealing in the units of LMIR Trust. The Manager will provide an update as and when there are any material developments in accordance with the Listing Manual.