Bharti Airtel subsidiary raises $500 million via bond issue
Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, has raised $500 million through dollar bonds with a coupon of 5.043%.
MUMBAI: Bharti Airtel International (Netherlands), a wholly-owned subsidiary of Bharti Airtel, has raised $500 million through dollar bonds with a coupon of 5.043%. In early March, the telecom company had raised $1 billion through a 10-year bond issue at a coupon of 5.125%.
"This bond will be merged with the earlier issue and the initial guidance of the pricing is 5.125% yield. The pricing is tighter than the earlier issue at 5.043%,'' said a banker involved in the deal.
"The pricing is better than the previous issue, because the bonds in the previous issue from the same company opened at a premium. We are expecting a similar response this time," said the banker.
"Companies are refinancing their old acquisition finance facility with cheaper debt,'' said another banker.