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TPG allows Flexituff four more years to redeem convertible bonds

02 July, 2018

TPG Growth, the middle-market and growth-equity platform of alternative asset firm TPG, has allowed Flexituff International Ltd more time to redeem its foreign currency convertible bonds (FCCB).

The investment firm extended the repayment period by four years from the due date of 30 June based on revised terms and conditions, Flexituff said in a stock-exchange disclosure. It didn’t specify the terms.

The four-year extension is subject to approval of the Reserve Bank of India.

This is the second time that TPG has extended the date. In April, the PE firm had given a two-month extension.

Flexituff had issued the FCCBs to TPG in April 2013 to raise Rs 135 crore ($25 million).

FCCBs are convertible at the option of the bondholder into fully paid-up equity shares of the company.

A month before subscribing to the FCCBs, TPG had invested Rs 27 crore ($5 million then) for 5.3% stake in the company.

Founded in 1993, Flexituff makes products under two main categories–flexible intermediate bulk containers (FIBC) and technical textiles. It offers products such as form-stable baffle bags, form-fitted liner bags, glued liner bags, geo-textile fabrics and polymer compounds.

In September 2017, the board of Flexituff had approved separation of the FIBC business at Pithampur in Madhya Pradesh into a wholly owned subsidiary.

Apart from TPG, Flexituff counts the World Bank’s private-sector investment arm, International Finance Corporation, and Clearwater Capital Partners as investors.

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TPG allows Flexituff four more years to redeem convertible bonds

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