Lodha Developers Pvt Ltd has launched its debut offering of US dollar-denominated Reg S bonds at a mid-high 10 per cent initial guidance.
The five-year non-call 3 bonds are expected to receive ratings of Ba3 from Moody's and B+ from Fitch.
The issuer is Lodha Developers International (Mauritius). Lodha Developers International Holdings and Palava Dwellers Private Ltd, two other subsidiaries of the company, are the guarantors.
Pricing is expected as early as today. Bank of America Merrill Lynch and JP Morgan are the joint bookrunners and lead managers on the offering.
The offering follows investor meetings in Singapore, Hong Kong and London last week. Proceeds will be used for refinancing and general corporate purposes.
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Published on December 2, 2014
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