GTL Infrastructure has completed the restructuring of foreign currency convertible bonds (FCCBs) worth $320 million, says news reports.
The telecom tower company restructured its FCCBs after receiving approvals from its bond holders and the regulators including the Reserve Bank of India and Singapore Stock Exchange.
The zero coupon FCCBs were due on November 29, 2012. The bonds have been restructured for five years and one day tenure.
Of the total FCCBs worth $320 million, 35 per cent would be mandatorily converted into equity at a premium of about 28 per cent over the company?s closing share price of Rs 7.82 Bombay Stock Exchange on November 7, 2012.
The remaining 65 per cent of FCCBs could be converted into equity (optional conversion) at a premium of about 62 per cent over closing price on November 7, 2012. The yield-to-maturity of these bonds is at 5.81 per cent per annum, compared with the original yield-to-maturity of 6.90 per cent.
Manoj Tirodkar, chairman, GTL Group, says, ?The successful completion of the restructuring of the FCCBs and rupee debt with the support of the bondholders and lenders demonstrates their belief and conviction in the management?s vision to establish GTL Infrastructure as the leading passive telecom infrastructure provider in India.?
