Jubilant Pharma raises USD 300 mn via bonds
Company says net proceeds will be used to prepay existing debt of JPL and its subsidiaries.
New Delhi: Drug firm Jubilant Life Sciences today said its subsidiary Jubilant Pharma has raised USD 300 million (approx Rs 1,998 crore) through issuance of five-year bonds to mainly retire debts.
"Our material wholly-owned subsidiary, Jubilant Pharma Ltd (JPL), has successfully completed the pricing of its rated unsecured high yield bonds (Notes) at a yield of 4.875 per cent per annum issued at par for USD 300 million maturing in September 2021," Jubilant Life Sciences said in a BSE filing.
It further said: "The net proceeds of the Notes shall be used to prepay the existing debt of JPL and its subsidiaries, for upstreaming up to USD 50 million to Jubilant Life Sciences for prepayment of its existing debts and general corporate purposes."
Shares of Jubilant Life Sciences were trading 1.89 per cent higher at Rs 601 on BSE.