Lodha Developers $200 million 12% notes issue

Overview:

• Lodha Developers has issued $200 million in senior notes.
• The issue consisted of 12% senior notes due 2020.
• The notes are guaranteed by the issuer’s Indian parent company, Lodha Developers, certain Indian subsidiaries of Lodha Developers, and a minority-owned Mauritius joint venture entity.
• The Lodha Group is one of India’s largest residential property developers.  
• The proceeds of the bonds were invested in compulsory convertible debentures of an associated company. The proceeds will ultimately be used to repay offshore debt.
  

Katrin Kostadinova - Data analyst