Jaiprakash carries out exchange for 5.75% convertibles due 2017

By Susanna Moon

Chicago, Nov. 28 – Jaiprakash Associates Ltd. said it has completed the exchange for its $150 million of 5.75% convertible bonds due 2017.

In the exchange, Jaiprakash was to issue $38.64 million of 5.75% series A convertible bonds due 2021 and $81,696,000 of 4.76% series B amortizing bonds due 2020.

The issuer also made some upfront payments on the series B bonds, according to a company announcement on Tuesday.

The exchange bonds will be listed for trading on the Singapore exchange on Nov. 30.

As previously announced, the exchange was to be made on a prorata basis through the extraordinary resolution, which was approved by bondholders at a meeting held June 15.

The proposed exchange offer was contingent on Reserve Bank approval by the long stop date of Oct. 31, extended from Sept. 30. The long stop date was then further extended until Nov. 30.

The issuer said on Nov. 1 that it had secured approval from the Reserve Bank of India for the exchange.

The exchange was approved by the bank on Oct. 30.

The 5.75% convertibles due 2017 were issued Sept. 7, 2012.

India-based Jaiprakash is an industrial conglomerate focused on engineering and infrastructure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.