Indian pharmaceutical company Jubilant Pharma won approval from 63.93% of holders of its $200mn 6% bonds due 2024 to waive certain conditions related to a planned reorganization, as per IFR. Jubilant will pay $2 per $1,000 in principal to the holders that gave their consent. This comes after the company’s parent Jubilant Pharmova said on July 23 that it had approved the transfer of Jubilant Pharma’s active pharmaceutical ingredients business to the parent. Fitch commented on the proposed change on July 29, stating that the move would not affect the issuer’s rating given the limited earnings contribution from the active ingredients business.
Jubilant’s dollar 6% 2024s are trading steady at 104.66 yielding 2.64%.