Fortis Healthcare has redeemed the outstanding $100 million FCCBs listed on the Luxembourg stock exchange, on the due date. The company had originally raised the FCCBs in the year 2010. The total payout for the outstanding bonds was $105.67 million including the redemption premium of approximately $3.17 million and the interest payment of $2.5 million for the preceding 6 month period ending May 21, 2015. The redemption was made from the existing cash proceeds of the company.
Post the redemption of the FCCBs, the company’s net debt to equity ratio is estimated to be less than 0.15x as against 0.27x as on December 31, 2014.
Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care speciality and hospitals, with a healthcare network spanning 9 countries.
