The use of Proceeds of Bonds Issuance

1. USD425,000,000, 6.75% p.a, Senior Notes due 2026, issued in October 2016. The proceeds were used to redeem USD403,306,000, 6.125% p.a, Senior Notes due 2020. The Redemption of the Senior Notes due in 2020 was completed on November 30, 2016. This Senior Notes due in 2026 was rated B3 from Moody’s, B- from S&P, and B- from Fitch.


2. USD325,000,000, 8.125 % p.a, Senior Notes due 2025, which was issued on January 22, 2020. The proceeds of this bond were used to redeem USD260,000,000, 7% p.a Senior Notes maturing in 2022, and partial redemption of USD 150,000,000, 7% p.a. Senior Notes maturing in 2022.


3. USD95,000,000, 8.125 % p.a, Senior Notes due 2025, which was issued on February 18, 2020. The proceeds of this bond were used to fully redeem USD150,000,000, 7% p.a Senior Notes maturing in 2022. 
   


4. (LMIR Trust, a subsidiary) USD250,000,000, 7.25% p.a, Senior Notes due 2024, which was issued on June 19, 2019. The proceeds of this bond were primarily used for early refinancing of USD130.6 million (SGD175.0 million, 2.95% + SOR) of term loan maturing in August 2020 and repayment of revolving facility of USD89.5 million (SGD120.0 million, 1.80% + SOR), thereby extending the weighted average maturity of debt from 2.0 years to over 4.3 years. 
   


5. (LMIR Trust, a subsidiary) USD200,000,000, 7.50% p.a, Senior Notes due 2026, which was issued on Feb 3, 2021. The proceeds of this bond were primarily used for early refinancing of USD130.6 million (SGD175.0 million, 3.15% + SOR) of term loan maturing in August 2021 and repayment of the revolving facility of USD32.8 million (SGD44 .0 million, 3.75% + SOR).

Highlight of 2021

1. Current Credit Rating is available from Moody's, S&P and Fitch.