UGRO Capital launches $20 million secured bond private placement
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UGRO Capital secures approval for up to USD 20 million of senior, secured, listed bonds, giving the firm fresh dollar‑denominated liquidity and a broader funding mix.
- Issue details: Up to 2,000 bonds at USD 10,000 each, 48‑month tenor maturing on 27 March 2030, listed on India International Exchange (IIX).
- Yield & payments: Coupon set at 300 bps over SOFR, paid semi‑annually; redemption in three tranches – 25 % at 36 months, 25 % at 42 months, and 50 % at maturity.
- Security: First‑ranking charge over identified book debts with at least 110 % coverage of principal and interest; a default delay beyond three months adds 2 % per annum to the coupon.
- Purpose: Proceeds will fund expansion, working‑capital needs, or refinance higher‑cost debt, strengthening the balance sheet and diversifying away from rupee financing.
- Investor angle: The spread over SOFR offers a mid‑single‑digit effective cost, while the asset‑backed structure provides added protection, though investors face FX and floating‑rate risks.
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