Indian drug company completes CB buyback

Jubilant Organosys repurchases $48.3 million worth of convertible bonds and becomes the first Indian company to buy back CBs through a tender offer.

Indian pharmaceutical company Jubilant Organosys yesterday announced that it has repurchased $48.3 million worth of convertible bonds through a tender, bringing its outstanding debt down by approximately 20%. Following this transaction, its total remaining bonds outstanding are $193.2 million.
 
The buyback involved two bonds a $75 million CB due in 2010 and a $200 million CB due in 2011. The combined face value, $275 million, had been reduced to about $240 million through conversions and small buybacks in the...

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