indian-drug-company-completes-cb-buyback

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 open market completed earlier. Following an auction process, the company said it would pay 85 cents on the dollar for the CBs due 2010, and 82 cents on the dollar for the 2011 CB...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222