New Delhi: Realty firm Lodha Group on Friday said its UK subsidiary has raised $200 million (around Rs 1,473 crore) through issuance of bonds in the Singapore market and the amount will be used to repay debt. Lodha Developers International launched $225 million bond-issue on February 27.

— The Economic Times

J Sagar Associates (JSA) advised the Lodha Group in the issue, led by partners Varghese Thomas and Arka Mookerjee, principal associate Pracheta Bhattacharya and associates Kinjal Shah and Sourav Modi. On banking and finance issues, partners Dina Wadia and Soumitra Majumdar advised.

Talwar Thakore Associates and its international best-friend-firm Linklaters Singapore acted for the joint book runner and lead managers, JP Morgan Securities, CLSA Limited and UBS AG Singapore.

Morrison & Foerster advised the issuer and the guarantor as to US and UK laws.

Allen & Overy represented the trustee, the Bank of New York Mellon, London branch.

Guarantors to the issue are, among others, Macrotech Developers Limited (formerly known as Lodha Developers Limited). The Notes have been listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

The net proceeds of the issue would be used to repay the top real estate developer’s outstanding $324m senior notes due in 2020.

2020-03-06

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