Transactions > Restructuring > GTL Infrastructure Limited – restructuring of Foreign currency convertible bonds onf US$ 306 million

Restructuring

GTL Infrastructure Limited, India

Client Profile: Established in 2004, GTL Infrastructure Limited (“GIL” or the “Company”) is engaged in the design, construction, and maintenance of passive telecommunication infrastructure in India.

Transaction Snapshot:

  • GIL had outstanding FCCBs with a redemption value of US$306 mn, maturing in November 2012 and the Company wanted to restructure this debt
  • Avista acted as the advisor to GTL and successfully restructured the outstanding FCCBs through a cashless exchange

Avista Advisory’s Role :

  • Avista identified existing FCCB holders and started a dialogue to understand their expectations and presented a due diligence package and an initial restructuring proposal to bondholders
  • 35% of the FCCBs were exchanged into a new zero coupon compulsory convertible bonds due 2017, with a conversion price of INR 10 per share. 65% of the FCCBs were exchanged into new interest bearing FCCBs due 2017 with a conversion price of INR 12.64
Explore the possibilities Contact Us