Indian IT and geospatial solutions specialist Rolta has raised US$300m to refinance debt in its second bond in less than 15 months.
The 8.875% five-year senior notes were issued through its Rolta Americas unit, and the group said they were…
Indian IT and geospatial solutions specialist Rolta has raised US$300m to refinance debt in its second bond in less than 15 months.
The 8.875% five-year senior notes were issued through its Rolta Americas unit, and the group said they were oversubscribed by more than eight times with an order book of at least US$2.4bn.
It said the majority of the demand came from asset managers, with 47% coming from Asia, 35% from the US, and 18% from European investors.
Barclays and Citigroup acted as the joint lead managers for the offering.
K Singh, Rolta’s chairman and CEO, said: “We are very pleased to have received such an overwhelming response from investors once again. It is very gratifying that Rolta’s business model and its IP-led solutions approach have inspired confidence in some of the world’s largest and most sophisticated investors.”
The company last tapped the debt markets back in May 2013, when it raised US$200m through 10.75% five-year senior notes, which it said were oversubscribed by two times. Barclays, Citigroup, DBS and Deutsche Bank were joint lead managers for that offering.
Rolta’s geospatial product suite includes a sensor solution to compensate for distortions in images taken by satellites, ranging from India’s Cartosat spacecraft to those operated by US-based DigitalGlobe.
It serves a variety of vertical markets, including, government, utilities, financial, manufacturing, retail and healthcare.
