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Elder Pharma to raise Rs 105 crore via bonds

Elder Pharma to raise Rs 105 crore via bonds
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First Published: Tue, Mar 22 2011. 05 34 PM IST
Updated: Tue, Mar 22 2011. 05 34 PM IST
Mumbai: Indian drugmaker Elder Pharmaceuticals plans to raise Rs 105 Crore through 7-year bonds at 11.25%, two sources with direct knowledge of the deal told Reuters.
The bond features repayments in 10 equal semi-annual instalments commencing two years after the issue date, the sources said.
Proceeds from the secured non-convertible debenture issue will refinance existing higher cost debt, a senior company source told Reuters. Typically, long term debt comes at 12.5% to 13.5%, he added.
Almondz Global Securities is the sole arranger of the deal.
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First Published: Tue, Mar 22 2011. 05 34 PM IST
More Topics: Elder Pharma | Bonds | Money | Debt | Money Matters |