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Lodha Developers raises $200 million via bond issue to refinance existing debt

The group has been reaching out to overseas investors, including several existing ones, to raise funds (Photo: Mint)Premium
The group has been reaching out to overseas investors, including several existing ones, to raise funds (Photo: Mint)

  • 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

MUMBAI : 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.

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