Lodha Developers International Limited repays INR 2550 Crores towards bond
Lodha Developers International Limited today announced that it has completed all requirements and payments for the redemption of its March 2020 US dollar bonds in full along with accrued interest.
Last week the Company raised USD 200 million (approx. INR 1470 crores) in Senior Secured Notes due 2023 last week, which was managed by JP Morgan, UBS and CLSA. On Monday, the size of the new bond was further increased by USD 25 million (approx. INR 180 crores) due to the increased demand from investors.
Commenting on this development, Abhishek Lodha, MD & CEO, Macrotech Developers Limited said, “We were always confident of being able to meet our $325 million bond repayment obligations and have completed all requirements and payments for the bond to be repaid in full along with accrued interest. Despite the economic slowdown in India which has been further compounded by factors like Coronavirus and the oil price shock, we are pleased that we have successfully completed this obligation. The successful payment of the bonds in these times is testament to the continued investor confidence enjoyed by the Company due to its focus on fundamentals and strong sales. We are thankful to our international investors, domestic and international lenders, employees and customers for their continued confidence. As India’s largest real estate developer with a focus on affordable housing and rental assets, Lodha Group is a resilient organization and capable of facing market challenges. In the current market scenario, our performance is a testament how Indian companies can rise against the tide and continue their growth journey. We have been delivering the world’s finest real estate, across asset classes and price points, and will continue with that unwavering focus. Today, the Group provides employment to over 50,000 people across its offices and projects and we are committed to creating employment opportunities on an even larger scale.”