JP Associates completes restructuring of $150 mn FCCBs

Debt-ridden Jaiprakash (JP) Associates has completed the exercise to exchange its $150-million foreign currency convertible bonds (FCCBs) due this year with those maturing in 2020-21. Recently, the company's finance committee approved cashless exchange of existing FCCBs due in 2017 with those maturing in 2020-21. Earlier this month, the RBI had approved the proposal. In a filing to the BSE on Tuesday, Jaiprakash Associates informed that “the consent solicitation and the proposed exchange offer have been completed and ...upfront payments have been made”.