Indonesian Builder Lippo Faces Investor Test With Bond Buyback
- Lippo Karawaci to repurchase dollar debt due in 2025, 2026
- Fitch says buyback to reduce, not eliminate, refinancing risk
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A plan by Indonesian builder PT Lippo Karawaci to repurchase its dollar bonds will be in focus on Monday as elevated borrowing costs squeeze the finances of developers in Asia.
Its unit Theta Capital Pte. Ltd. is buying back as much as $432 million of bonds via a tender offer which expires at Monday 4 p.m. London time. A successful repayment will help reduce its debt pile and boost bondholders’ confidence in the group.