Indian mobile carrier Bharti Airtel plans to list its US$1bn debt offering on Singapore’s bonds market from tomorrow.
In an announcement made to the Singapore Exchange today, the telco said that the 5.125% notes due 2023 will be issued in…
Indian mobile carrier Bharti Airtel plans to list its US$1bn debt offering on Singapore’s bonds market from tomorrow.
In an announcement made to the Singapore Exchange today, the telco said that the 5.125% notes due 2023 will be issued in denominations of US$200,000, which is also the minimum lot size they will be traded in, and issued in multiples of US$1,000 in excess of that.
The notes have been split into two tranches which will be sold under Regulation S and Rule 144A, so that they can be bought by non-US and US investors respectively.
As TelecomFinance previously reported, the offering, which was issued by the group’s Dutch subsidiary, was 9.5 times oversubscribed by investors, making it the biggest inaugural bond deal for Bharti and the largest ever issuance by an Indian telco.
Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, Standard Chartered and UBS acted as joint bookrunners and lead managers on the deal.
“We are extremely pleased with the strong interest shown by top global investors in Bharti’s inaugural bond issue,” said Harjeet Kohli, group treasurer of Bharti, in a statement to the Bombay stock exchange last week.
“In the backdrop of a volatile global environment, the transaction was well executed in the short time window available. Diversifying its funding base, this transaction opens the door for Bharti to have an ongoing relationship with global investors in a deep corporate debt market.”
