General Announcement::Lodha International prices and issues USD125 million bond tap at premium on strong demand

Issuer & Securities

Issuer/ Manager
LODHA DEVELOPERS INTERNATIONAL LIMITED
Securities
LODHA DEV US$200M 12% 200313 - XS1148395582 - 25WB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
04-Dec-2017 20:16:00
Status
New
Announcement Sub Title
Lodha International prices and issues USD125 million bond tap at premium on strong demand
Announcement Reference
SG171204OTHR7ULA
Submitted By (Co./ Ind. Name)
Sanjyot Rangnekar
Designation
Authorised Person
Effective Date and Time of the event
04/12/2017 17:00:00
Description (Please provide a detailed description of the event in the box below)
Lodha Developers International Limited, a subsidiary of leading Indian real estate developer Lodha Group, has priced and issued a USD125 million tap of its 2020 bonds at a yield of 8.89 percent, a 310 bps (3.1 percent) reduction in yield from the original issue which was done at a yield of 12 percent. The tap was done at a price of 106.25, at a premium to the original issue price. The bonds are listed on the Singapore Stock Exchange (SGX).

The tap was intended to be of USD100 million and received strong interest from global investors, especially real money accounts. The total order book at final pricing was in excess of USD320 million. On account of this strong interest, the deal was upsized to USD125 million.

The tap proceeds will be used to pre-pay higher cost debt and is leverage neutral for the group. Lodha Developers International Limited, rated B2/stable by Moodys and B stable by Fitch. Both agencies have reaffirmed the rating following launch of the bond tap on November 21, 2017. Moody s also announced that Lodha would benefit from high-cost-debt reduction via bond tap and government's affordable-housing push.