Future Retail via an exchange filing stated that they made a $14mn coupon payment on its 5.6% 2025s within the 30-day grace period which began on January 22. The Indian retailer missed a coupon payment on the bond last month. Reuters reports that this payment comes at a time when its creditors are exploring options to recover over $2.5bn in loans amid worries that the retailer’s planned asset sale to Reliance could fail with Amazon’s continued efforts to block the deal. Future Retail recently reported a $116mn loss for the quarter ending December 2020 impacted by the pandemic. Future Retail’s 5.6% 2025s were up 2.2 points to 87.75 on after the coupon update.
Future Retail Makes Coupon Payment Within Grace Period On Dollar Bond
