Lodha Group subsidiary looking to buy-back 2020 dollar-denominated bonds
Lodha Developers International, a subsidiary of India’s largest realty developer Lodha Group, has announced a buy-back programme for its senior dollar denominated bonds, which are due in the year 2020.
The company has appointed J.P. Morgan Securities PLC to repurchase up to $65 million or 20% of the $325 million outstanding bonds with 12% coupon listed on Singapore Stock Exchange (SGX), the company said in a release.
The buyback of these senior notes will be financed by the company from its currently available funds.
“The purpose of the purchase of the 2020 Bonds is for the company to provide liquidity to the 2020 Bondholders, proactively manage its capital structure and reduce gross debt and leverage,” the release said.