Infrastructure News

India’s IRB Infrastructure sets coupon on dollar bond issue: Bankers, ET Infra


MUMBAI: India’s IRB Infrastructure Developers has set 7.1250% coupon for 8-year dollar denominated bonds, two merchant bankers said on Friday.

The roads and highways developer has raised $540 million through 8-year bonds, and the issue has a weighted average life of seven years and three months.

The company received bids worth $1.7 billion spread across geographies.

Barclays, Citigroup, CLSA, Deutsche Bank, J.P.Morgan, and Standard Chartered Bank are the joint bookrunners for the issue.

The notes are expected to be rated BB+ by Fitch and Ba2 by Moody’s, and the company intends to use the proceeds largely for refinancing.

Last week, IRB Infrastructure’s board approved raising funds of up to $550 million via foreign currency denominated notes. (Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala)

  • Published On Mar 1, 2024 at 08:33 AM IST

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