India’s Eros International postpones five-year dollar notes

By Christine Van Dusen

Atlanta, March 9 – India’s Eros International Media Ltd. has postponed plans for an offering of dollar-denominated five-year notes (B+), according to a company announcement.

The company blames a change in current credit market conditions, as well as allegations made on a short-selling website, the announcement said.

“A short-selling website republished certain allegations made in a lawsuit from an anonymous person about purported events that occurred several years before Eros International plc went public on the NYSE,” the announcement said. “The lawsuit and all of its allegations are completely baseless and without merit, and the court is currently considering its dismissal. For over a year, short-sellers have spread false claims about the company to manipulate its stock, and these false claims have been repeated in meritless lawsuits.”

The notes had been talked in the 8¼% area.

Barclays and Deutsche Bank are the joint bookrunners. Jefferies is the lead manager.

The notes come with two years of call protection.

Eros International is a Mumbai, India, maker of movies.

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