Indian mobile operator Bharti Airtel has raised a further US$500m notes in addition to the US$1bn bond it issued earlier this month.
In an announcement to the Bombay Stock Exchange today, the company said that the initial US$1bn bond “had witnessed a…
Indian mobile operator Bharti Airtel has raised a further US$500m notes in addition to the US$1bn bond it issued earlier this month.
In an announcement to the Bombay Stock Exchange today, the company said that the initial US$1bn bond “had witnessed a strong rally in the secondary market” and additional notes were issued to satiate investor demand.
The extra US$500m debt offering is priced at 100.625% to yield 5.044% and will be consolidated to form a single series along with the previous US$1bn notes.
As TelecomFinance reported earlier in March, the US$1bn 5.125% notes due 2023 were 9.5 times oversubscribed by investors, making it the biggest inaugural bond deal for Bharti and the largest ever issuance by an Indian telco.
“We are delighted with the solid response from top global investors to the offering following a landmark inaugural bond offering concluded earlier this month, said Harjeet Kohli, group treasurer of Bharti. “High participation by fund managers for an Indian issuance and real money investor participation of 77% demonstrates the superior quality of the order book and the confidence the global investors have in the fundamentals and credit of the company.”
Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, Standard Chartered and UBS acted as joint book runners and lead managers.
