Bharti Airtel raises Rs 2400 cr to repay debt

Bharti Airtel will use the funds to refinance its debt

airtel-officeBharti Airtel on Thursday said it has raised 350 million CHF (Confederation Helvetica Francs), or approximately Rs. 2,453.2 crore through issue of bonds. The company said it is the largest ever issuance by an Asian telecom player in the Swiss market.
The company said in a statement that “its wholly-owned subsidiary Bharti Airtel International (Netherlands) BV has successfully priced CHF 350-million 3 per cent guaranteed senior notes due March 31, 2020”.

Airtel said it has raised the funds for a six year period at an interest rate of 3%.

“The notes have been priced at 230 basis points over six year CHF mid swaps with a fixed coupon of 3 per cent per annum to yield 2.98 per cent,” the company said in a statement.

Bharti Airtel said it will use the proceeds to refinance its existing debt.

“The notes received considerable investor interest, witnessing a strong and balanced demand across high quality institutional investors and Swiss private banks, highlighting the broad support base that the Bharti credit has attracted,” the statement added.

“It is extremely heartening to have a third listing of our credit in just one year with yet another largest debut issuance from India. With this issuance, Bharti now has the largest debut USD, EURO and CHF denominated bond issuance by an Indian issuer ever,” Bharti Airtel Group Treasurer Harjeet Kohli said in the statement.

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