JAKARTA: PT Lippo Karawaci Tbk will dispose senior notes amounted US$130 million or US$1.16 trillion, through Sigma Capital Pte Ltd and the bonds are fully guaranteed by the property company.An analyst at Fitch Ratings Buddhika Piyasena saw the proposed notes will not overweigh the debt burden of Lippo Group, one of Indonesia's leading property developers with a diversified revenue base.The new notes are not expected to affect Lippo Karawaci's total indebtedness as the proceeds are to be used for debt refinancing US$66.2 million of notes coming due in March 2011 and bank loans amounting to US$49.8 million, he said in an official announcement, yesterday.Lippo Karawaci currently raised IDR2.4 trillion via a new share issue in late 2010, which remained unutilized at end-2010.The company intends to use these funds to step up its hospital and retail mall development activity over the short- to medium-term.Fitch expects that, as in past practice, Lippo Karawaci will maintain its balance sheet quality and liquidity by disposing of these assets when they become operational, said Buddhika.When being confirmed, Head of Corporate Communication of Lippo Karawaci Danang Kemayan Jati said that the company has a plan to issue senior notes and the process still continues.Yes, it is right, we will publish the publication this afternoon [yesterday], he said.The issuance of guaranteed senior notes which settled in 2015 is part of Lippos programs to seek fund. Besides issuing seniour notes, the company will also seek funding throughout real estate investment trustees (REIT's) in Singapore.As per December 2010, 56% of Lippo Karawaci's revenues and 49% of gross profits came from recurring businesses such as healthcare, hospitality, township infrastructure, and property and portfolio management.(T03/NOM)
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