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    HomeNewsBusinessCompaniesElder Pharma to raise Rs 1.05b via bonds: Sources

    Elder Pharma to raise Rs 1.05b via bonds: Sources

    Indian drugmaker Elder Pharmaceuticals plans to raise Rs 1.05 billion through seven -year bonds at 11.25%, two sources with direct knowledge of the deal told Reuters.

    March 22, 2011 / 18:16 IST
       
       
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      Indian drugmaker Elder Pharmaceuticals plans to raise Rs 1.05 billion through seven -year bonds at 11.25%, two sources with direct knowledge of the deal told Reuters.


      The bond features repayments in 10 equal semi-annual instalments commencing two years after the issue date, the sources said.


      Proceeds from the secured non-convertible debenture issue will refinance existing higher cost debt, a senior company source told Reuters. Typically, long term debt comes at 12.5% to 13.5%, he added.

      Almondz Global Securities is the sole arranger of the deal.

      first published: Mar 22, 2011 06:00 pm

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