MDLN - PT. Modernland Realty Tbk

Rp 107

+3 (+3,00%)

JAKARTA – PT Modernland Realty Tbk (MDLN) restructures its Notes issued by two of its subsidiaries, JGC Ventures Pte Ltd and Modernland Overseas Pte Ltd (MILO), worth USD 390 million in total.

In the information disclosure, quoted Thursday (30/9), Stefi Grace Darmawan, Corporate Secretary of Modernland Realty, mentions the value of this restructuring of Notes totals IDR 3.38 trillion. It is equal to 88% of the company’s equity reported in June 2021 of IDR 3.80 trillion.

JGC issued Notes 2021 of USD 150 million back on August 30, 2018, which would mature this year. After the restructuring, the coupon of the said notes would shrink to 3% from 6.95% per year, while its maturity date would be extended to June 2025.

On the other hand, MILO issued Notes 2024 of USD 240 million back in 2017, maturing in 2024 as suggested by the title. After this restructuring, its coupon interest rate would drop to 6.95% from 10.75% per year, extending the maturity date to April 2024.

Additionally, the company would sell some of its assets of USD 40 million by June 30, 2023, and USD 160 million by the end of December 2024. Then, 75% of the proceeds would be transferred to an escrow account as stated in the conditions of notes restructuring. (LK/ZH)