Jubilant Organosys repays $69 million debt

New Delhi, May 26 (IANS) Pharma company Jubilant Organosys Wednesday said it has repaid $69 million debt and it expects to meet all its debt obligations due next year on account of strong growth.

The company has made the repayment for foreign currency convertible bonds (FCCBs) worth $50 million along with the $19 million yield to maturity (YTM). The FCCBs were due for redemption on May 24.

‘It is the company’s strategy to bring down the leverage to less than a level of 1:1. Accordingly, in addition to its internal accruals, the company raised a QIP of $85 million and met its obligation of FCCB repayment,’ said Shyam S. Bhartia, the company’s chairman and managing director.

With this repayment of FCCBs, there is a substantial improvement in the company’s financial ratios with a very low average interest cost of 4.51 percent, the company said in a statement.

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