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GTL, Tulip restructure FCCB

Falling share prices have landed Indian tower operator GTL Infrastructure and data centre operator Tulip Telecom with the need to repay maturing foreign convertible bonds. GTL is reported to be in discussions with holders of its US$228m FCCB maturing in November 2012 to roll over the debt on new terms reflecting the company’s difficult position. Citi and Standard Chartered advised GTL on the original 2007 issue.
Tulip Telecom has appointed a bank to advise on repaying the outstanding US$97m on a FCCB maturing in August. It has already repaid US$53m of the original US$150m issue. Managing Director, Col H.S. Bedi was quoted saying the company is also looking to sell a 10-25% stake in its Tulip Data City subsidiary, the world’s third largest data centre apparently. This could be a strategic or financial investor.

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Published on 10.04.2014
Published on 10.04.2014
Published on 10.04.2014
Published on 10.04.2014

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