By Susanna Moon
Chicago, Dec. 4 – Lodha Group subsidiary Lodha Developers International Ltd. sold another $125 million of its 12% guaranteed notes due 2020 at 106.25% of par to yield 8.89%.
The notes were sold as an add-on to the company’s $200 million of 12% notes issued on March 13, 2015.
The company priced the tap issue at a “premium on strong demand,” with a reduction of 310 basis points from the original issue, according to a company announcement.
The deal was upsized from an original target amount of $100 million, with an order book at final pricing of more than $320 million, the release noted.
The tap proceeds will be used to prepay higher-cost debt and is leverage neutral for the group, the company added.
Lodha is a Mumbai-based real estate developer.
| Issuer: | Lodha Developers International Ltd.
|
| Guarantor: | Lodha Group
|
| Issue: | Add-on to guaranteed notes due 2020
|
| Amount: | $125 million
|
| Maturity: | March 13, 2020
|
| Coupon: | 12%
|
| Price: | 106.25
|
| Yield: | 8.89%
|
| Settlement date: | March 13, 2015 for $200 million, Dec. 4 for add-on
|
| Total issue: | $325 million
|
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