GTL Infrastructure has completed the restructuring of its zero coupon foreign currency convertible bonds (FCCBs) due on 29 November. The FCCBs were exchanged for new two new series of convertible bonds due 2017 with an aggregate principal amount of US$319 million.
The cashless exchange was made for US$111.7 million of zero coupon compulsorily convertible bonds and US$207.6 million of interest-bearing convertible bonds, both of which are due in 2017. The exchange offer was completed following the bondholder vote and approval from the corporate debt restructuring lenders and the Reserve Bank of India on 8 November.
GTL Infrastructure is an independent Indian telecommunications tower company and the largest of its kind based on the number of towers it owns. As of September 30, it had over 32,500 towers across all 23 telecom circles in India.
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