UPL Corp announced a consent solicitation for three of its dollar bonds amid its business reorganization plans. The bonds in question are its $300mn 4.5% 2028s, $500mn 4.625% 2030s and $400mn 5.25% Perp. The Indian corporate is seeking to waive certain terms and conditions of the 2028s and 2030s and approve the execution of a supplemental trust deed. This trust deed will provide a subordinated guarantee from its subsidiary UPL Ltd for all three bonds’ principal and interest payments. Holders of the 2028 and 2030 bonds will receive a consent fee of $2 per $1,000 in principal if they agree to waive the terms. The early deadline for participation and to receive the consent fee is November 7 and the offer expires on November 14. UPL is currently rated Baa3/BB+/BBB-.
UPL’s 2028s are trading at 81.75, yielding 8.85%, its 2030s are at 76.92, yielding 8.85% and its Perps are trading at 63, yielding 11.43% to call.