• Lippo Karawaci received good response for its global bonds issue with demand reaching US$650.0mn. However the company has decided to only issue a total value of US$270.6mn with a coupon rate of 9%.
• US$189.0mn will be used in exchange for the previous bonds issued by Lippo Karawaci Finance, the subsidiary of LPKR. US$81.7mn will be issued for new investors.
• LPKR is trading at 2010F consensus PER of 18.7x and EV/EBITDA of 11.6x.
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