Macrotech to repay $170 mn offshore bonds in next week

09 Mar 2022 CW Team

Lodha Group, which is listed as Macrotech Developers, is ready to repay their offshore bonds of $170 million or approximately Rs 1,286 crore in the next week, which puts them almost a year ahead of their scheduled maturity of the bonds in March 2023.

The bonds fall under the $225 million debt which had been raised by Lodha Developers International Limited, Mauritius against the luxury residential projects in London, UK. The company has further informed bond holders which include, trustee - Bank of New York Mellon and security trustee - BNY Mellon Corporate Trustee Services that the proposed redemption will be executed on March 12.

The developer plans to support the debt repayment and investment repatriation with the sales performance of both the super-premium residential projects in the United Kingdom.

Lodha is expecting to completely repay its $225 million offshore bonds or approximately Rs 1,700 crore, in the upcoming four months ahead of the scheduled maturity, in March 2023.

Macrotech Developers MD & CEO Abhishek Lodha said that they shall continue to see meaningful debt reduction with every quarter, which includes the current quarter, as their goal is to be a very low leverage company by the financial year 2024. The company has already done a fair amount of refinancing and will do Rs 2,000 crore to Rs 2,500 crore even more.

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Also read: Macrotech Developers to refinance debt up to Rs 2,500 cr by March

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