Videocon Industries has completed the restructuring of US$194.4 million in 6.75% foreign currency convertible bonds (FCCBs) issued in December 2010 and due in December 2015.
The transaction involved a cash settlement of US$97.2 million (plus applicable interests and costs) and an exchange into US$97.2 million in 4.3% FCCBs due in December 2020. The exchange bonds are secured by certain Videocon Group entities pledging shares of Videocon Telecommunications, a subsidiary of the issuer, along with personal guarantees by two of the issuer’s promoters.
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