Thursday, October 14, 2010

Lippo Karawaci rights issue US$252 million

PT Lippo Karawaci Tbk, Indonesia biggest publicly traded real estate developer raised US$252 million from a sale of shares in the company. The shares were sold at IDR550 a piece.
Shareholders of PT Lippo Karawaci are selling US$214 million to $253 million worth of stock in a
transaction managed by Bank of America Corp. a Merrill Lynch unit.
On May 2010, Lippo Karawaci, priced $270.6 million of 2015 bonds to yield 9 percent. The notes, rated B1 by Moody's Investors Service, were issued in exchange for Lippo Karawaci US$250 million of 8.875 percent bonds due 2011. The company received demand amounting to US$650 million.

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