88
Legal Transactions
JUNE 2012
oRcHId cHEMIcaLS REdEEMS $167.64M oUtStandInG oVERSEaS SEcURItIES
orchid chemicals & Pharmaceuticals has redeemed outstanding overseas securities worth $167.64 million (over Rs 820 crore).
According to a statement from Orchid Chemicals, the company redeemed the outstanding Foreign Currency Convertible Bonds ( FCCBs), aggregating to $167.64 million on the due date of February 28 of this year. The firm issued the bonds in February 2007.
Trilegal were Indian law advisers to the refinancing lenders (a consortium of banks led by Axis Bank Limited), led by Partner, Ameya Khandge.
Ameya commented: “The funding under the refinancing facility was required to be done on the fixed redemption date of the FCCBs, as a result of which the transaction had to be progressed and closed along very strict timelines. “Our experience in advising on transactions of this nature was useful in resolving open issues in a timely manner so that funding could be achieved by the transaction deadline.” LM
According to
letsrecycle.com, Recycling UK managing director Neil Clarke, said: “Although we are traditionally a trading company, in recent years we have seen a large growth in the source materials that we handle and we have tried to feed such into processors that we buy from throughout the UK and Ireland.
“Oswestry Waste Paper is one such company that we have a long standing close relationship with which goes back many years. We are keen to keep the very professional business operating in the same manner, and with the re- gional branding intact.”
Mrs Cheryl Davies has been running Oswestry Waste Paper since the founder of the company, her husband Mr Davies, passed away 2009.
According to
letsrecycle.com, Mrs Davies said: “There were a number of companies interested but my main aim was to ensure that whoever took on the company would protect the company name and ensure the business carried on trading here for many years to come.” LM
REcYcLInG UK acQUIRES oSWEStRY WaStE PaPER Ltd
Recycling UK Ltd, the recovered paper and plastic trading firm based in cheshire has acquired oswestry Waste Paper Ltd.
www.lawyer-monthly.com
Oswestry Waste Paper
Orchid Chemicals
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