Jaiprakash Associates plans to restructure bonds worth $120 million

Crisis-hit Jaiprakash Associates, which is into cement and construction businesses, on Saturday said around 92 per cent of bondholders have given consent for restructuring of foreign currency convertible bonds (FCCBs) worth USD 120 million, which were issued by the company and due for payments in 2020 and 2021. In February, the debt-ridden company had announced plans to restructure these bonds. On February 27, Jaiprakash Associates informed that the company has executed a non-binding term sheet and related accession agreements with an aggregate of about 70 per cent of the holders of (i) the USD 38,640,000 FCCBs due September 2021 (Series A Bonds); and (ii) the USD 81,696,000 amortising FCCBs due September 2020 (Series B Bonds). The agreements contain the primary terms of the proposed restructuring of such bonds. In a regulatory filing on Saturday, the company apprised that more bondholders have accorded their consent to the bond restructuring by signing an accession agreement with

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