Bharti Airtel, India’s largest operator, is said to be looking to issue a series of bonds worth a total US$2bn in the financial year ending March 2015.
Proceeds from the bonds, the first series of which could be launched in May or June, would be used…
Bharti Airtel, India’s largest operator, is said to be looking to issue a series of bonds worth a total US$2bn in the financial year ending March 2015.
Proceeds from the bonds, the first series of which could be launched in May or June, would be used to refinance the company’s debt, people close to the situation told the Economic Times.
A Bharti spokesperson declined to comment specifically on the report but said: “On an ongoing basis, we keep evaluating opportunities to refinance part of our debt portfolio loans for most efficient costs and maturities.”
The operator last visited the debt market in March when it raised about US$400m in a Swiss franc-denominated bond, the biggest ever by an Asian telco. Proceeds went towards refinancing its debt, which stood at US$9.3bn as of 31 December 2013.
Late last year, the company also launched its first ever eurobond, raising €750m. The issue was later upsized by €250m to €1bn.
The offering was not only Bharti’s first such issuance but also the first by an Indian corporate or emerging market telco.
