Halister News

(Bloomberg) -- New Delhi-based developer’s decision to acquire distressed REIT in Singapore will weaken cash position and reduce the likelihood of another tender offer for own bonds, Trung Nguyen, analyst at Lucror Analytics, writes in a note to clients.

• NOTE: Co. repurchased $20.9m of its $175m 10.25% 2019 notes last month and $31.6m in Feb: filings
• Lucror recommends ‘hold to maturity’ on bonds as yield is attractive given moderate default risk
• NOTE: Indiabulls made takeover offer for IPIT REIT at S$0.25/unit on April 27; now owns 51.2% of REIT: filing
• Consolidation of Singapore-listed IPIT (with S$580m of debt) will worsen developer’s credit metrics: Lucror
• Kubeir Khera, co. spokesman in Mumbai, couldn’t be reached by phone and didn’t immediately reply to e-mail seeking comment