Offering Circular
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IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE OUTSIDE OF THE UNITED STATES IMPORTANT: You must read the following disclaimer before continuing. The following applies to this Offering Memorandum (the “Offering Memorandum”), and you are therefore advised to read this carefully before reading, accessing or making any other use of this Offering Memorandum. In accessing this Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them, any time you receive any information as a result of such access. You acknowledge that access to this Offering Memorandum is intended for use by you only and you agree that you will not forward or otherwise provide access to any other person. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE OR SOLICITATION IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THIS OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS OFFERING MEMORANDUM IN WHOLE OR IN PART IS UNAUTHORIZED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAW OF OTHER JURISDICTIONS. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE SECURITIES. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORIZED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED HEREIN. Confirmation of Your Representation: In order to be eligible to view this Offering Memorandum or make an investment decision with respect to the securities, investors must be outside of the United States and to the extent you purchase securities described in the attached Offering Memorandum, you will be doing so pursuant to Regulation S under the Securities Act. This Offering Memorandum is being sent at your request and by accepting the e-mail and accessing this Offering Memorandum, you shall be deemed to have represented to us that (1) you and any customers you represent are outside of the United States and (2) you consent to delivery of this Offering Memorandum by electronic transmission. You are reminded that this Offering Memorandum has been delivered to you on the basis that you are a person into whose possession this Offering Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located. If this is not the case, you must return this Offering Memorandum to us immediately. You may not, nor are you authorized to, deliver or disclose the contents of this Offering Memorandum to any other person. The materials relating to this offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that this offering be made by a licensed broker or dealer and the lead managers or any affiliate of the lead managers is a licensed broker or dealer in that jurisdiction, this offering shall be deemed to be made by the lead managers or such affiliate on behalf of the Issuer in such jurisdiction. This Offering Memorandum has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Issuer, the Guarantor, BNP Paribas (“BNP Paribas”), CIMB Bank Berhad, acting through its Singapore Branch (“CIMB”), Credit Suisse (Singapore) Limited (“Credit Suisse”), or Deutsche Bank AG, Singapore Branch (“Deutsche Bank”) nor any person who controls any of them nor any director, officer, official, employee nor agent of any of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Memorandum received by you in electronic format and the electronic version initially distributed. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. OFFERING MEMORANDUM CONFIDENTIAL LMIRT CAPITAL PTE. LTD. (incorporated in Singapore with limited liability) (Company registration number: 201212428M) US$250,000,000 7.25% Guaranteed Senior Notes due 2024 unconditionally and irrevocably guaranteed by Perpetual (Asia) Limited (in its capacity as trustee of Lippo Malls Indonesia Retail Trust) The US$250,000,000 7.25% Senior Notes due 2024 (the “Notes”) to be issued by LMIRT Capital Pte. Ltd. (the “Issuer” or “LMIRT Capital”) will bear interest from and including June 19, 2019 (the “Issue Date”) at the rate of 7.25% per annum payable semi-annually in arrears on June 19 and December 19 of each year (each, an “Interest Payment Date”). The due and punctual payment of all amounts at any time becoming due and payable in respect of the Notes will be unconditionally and irrevocably guaranteed (the “Guarantee”) by Perpetual (Asia) Limited (in its capacity as trustee of Lippo Malls Indonesia Retail Trust) (the “Guarantor” or the “LMIRT Trustee”). Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on June 19, 2024 (the “Maturity Date”). At any time on or after June 19, 2022, the Issuer may redeem the Notes, in whole or in part, at the redemption prices specified under “Description of the Notes — Optional Redemption”, plus accrued and unpaid interest, if any, to the redemption date. At any time prior to June 19, 2022, the Issuer may at its option redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium (as defined herein) and accrued and unpaid interest, if any, to the redemption date. At any time prior to June 19, 2022, the Issuer may redeem up to 35% of the aggregate principal amount of the Notes with proceeds from certain equity offerings at a redemption price of 107.25% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the redemption date. Not later than 30 days following a Change of Control Trigger Event (as defined herein), the Issuer or the Guarantor will make an offer to purchase all Notes then outstanding at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the Offer to Purchase Payment Date (as defined herein). The Notes are subject to redemption in whole but not in part, at 100% of their principal amount, together with accrued and unpaid interest to the redemption date, at the option of the Issuer at any time in the event of certain changes affecting taxes of the Republic of Singapore. See “Description of the Notes — Redemption for Taxation Reasons.” Payments on the Notes will be made in US Dollars without deduction for or on account of taxes imposed or levied by Singapore (and certain other jurisdictions) to the extent described under “Description of the Notes — Additional Amounts.” The Notes and the Guarantee will be unsubordinated obligations of the Issuer and the Guarantor, respectively, and will rank at least pari passu in right of payment with all their other unsecured, unsubordinated indebtedness. For a more detailed description of the Notes, see “Description of the Notes” beginning on page 129. The Notes are expected to be rated “Ba3” by Moody’s Investors Service, Inc. (“Moody’s”) and “BB (Expected)” by Fitch Ratings Ltd (“Fitch”). A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing in the Notes involves certain risks. See “Risk Factors” beginning on page 15 for a discussion of certain factors to be considered in connection with an investment in the Notes. The Notes and the Guarantee have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered and sold by the joint lead managers outside the United States in compliance with Regulation S under the Securities Act. For a description of certain restrictions on resale or transfer, see “Transfer Restrictions” beginning on page 190. This offering does not constitute a public offering in Indonesia under Law Number 8 of 1995 regarding Capital Market. The Notes may not be offered or sold in Indonesia or to Indonesian citizens, wherever they are domiciled, or to Indonesian residents, in a manner which constitutes a public offer under the laws and regulations of Indonesia. This Offering Memorandum has not been and will not be registered as a prospectus with the Monetary Authority