India Toll Road intends to redeem 5˝% secured notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Feb. 23 – India Toll Road will redeem its $300 million 5˝% secured notes due 2024 (ISIN: XS2301399544, XS2301399205), according to a notice.

The exact redemption date will be no later than five business days before the refinancing date, which will be no earlier than March 11. Noteholders will be notified in writing as to the exact redemption date.

The redemption of the Rule 144A and Regulation S notes is subject to the refinancing conditions. Specifically, the redemption is conditioned on the completion of a new issue of notes with a principal amount and issue price at least equal to the outstanding total principal of the 2024 notes plus accrued interest.

Additionally, agreement must be reached with the non-convertible debenture’s issuer or other relevant parties on necessary amendments, if any, to allow for the new notes’ issue. These amendments will not require noteholder or creditor consent.

The issuer will be funding the proposed redemption from the new note proceeds.

IRB is an engineering and construction project company focused on building highways in India.

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