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Bloomberg
Lodha Developers International Ltd said it has repaid its $324 million bonds maturing on March 13, a refinancing investors saw as a key test for Indian borrowers amid nation’s credit crunch.
The firm, which is building the Trump Tower in Mumbai, last week sold a $200 million bond to part-refinance the existing note, launched a last-minute tap this week to bridge a fundraising gap, and completed other critical conditions just a day before the repayment was due. Any stumble would have resulted in one of India’s largest offshore defaults.
We “have completed all requirements and payments for the bond to be repaid in full,†the firm said.