Lodha Developers raises $200m via bond sale to refinance debt

Photo: Reuters

Lodha Developers International Ltd, a subsidiary of Mumbai-based real estate firm Macrotech Developers Ltd said it has raised $200 million (1475 crore) through issue of bonds to refinance its existing debt.

“We closed the bond raise of $200 million with leading global investors. Several existing investors increased their position. Bankers to the deal were JP Morgan, UBS and CLSA.” said Abhishek Lodha, managing director and chief executive office Macrotech Developers Ltd in a statement.

The company said the proceeds of the issue would be used to fully repay its outstanding $324 million senior notes due on March 13, 2020.

Apart from raising $200 million, that is due in 2023, the company had earlier raised £86 million in the UK.

“With these proceeds and additional cash flows from the Company’s UK and India businesses, Lodha Developers is fully committed to closing its maturing bond payments, ” the company said.

Mint reported on 26 December 2019 that Lodha is rasing around $225 million (around 1,600 crore) by selling bonds to meet its debt repayment obligations due next year. The group has been reaching out to overseas investors, including several existing ones, to raise funds.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.