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Moody's assigns Macrotech bond Caa1
Moody's Investors Service said it assigned a Caa1 rating to the proposed dollar-denominated senior secured bonds to be issued by Lodha Developers International Ltd., a wholly owned subsidiary of Macrotech Developers Ltd., which Moody’s rates Caa1.
At the time of issuance, the proposed bonds will be guaranteed by MDL and Lodha Developers UK Ltd., the ultimate holding company of its London assets. The proceeds will be used to partly refinance the company's $324 million backed senior unsecured bond maturing on March 13.
"In order to proceed with the bond transaction, as a condition precedent, the company must first raise $118 million, which will be deposited in an escrow account. This amount, together with the proposed bond issuance, will be used to repay the principal and interest associated with the maturing $324 million bond," said Sweta Patodia, a Moody's analyst, in a press release.
The outlook is negative.
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