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Jaiprakash associates to restructure $120M bonds
The Business Guardian
|April 01, 2024
Crisis-hit Jaiprakash Associates, which Crisisis into cement and construction businesses, on Saturday said around 92 per cent of bondholders have given consent for restructuring of foreign currency convertible bonds (FCCBs) worth USD 120 million, which were issued by the company and due for payments in 2020 and 2021.
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In February, the debtridden company had announced plans to restructure these bonds.
On February 27, Jaiprakash Associates informed that the company has executed a non-binding term sheet and related accession agreements with an aggregate of about 70 per cent of the holders of (i) the USD 38,640,000 FCCBs due September 2021 (Series A Bonds); and (ii) the USD 81,696,000 amortising FCCBs due September 2020 (Series B Bonds).
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