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Lodha Developers International, a subsidiary of real estate firm Lodha Group, today announced a buyback programme for its senior dollar denominated bonds, which are due in 2020.
“The company has entered into arrangements with J P Morgan Securities Plc to commence the bond buy-back programme for repurchasing on its behalf, up to US$65 million (up to 20 per cent of the outstanding) of the said bonds,” it said in a filing to the Singapore Stock Exchange today.
With the purchase of the 2020 Bonds, Lodha Group will provide liquidity to the bondholders, pro-actively manage its capital structure and reduce gross debt and leverage, it added.
“It is expected that the arrangements will take effect from 22 January 2019. The purchased Bonds may either be cancelled or held until their maturity date. The purchases of the bonds will be financed by the Company from its currently available funds,” Lodha said.
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