Bharti Airtel, on Tuesday, said it has raised around $2 billion in a dual currency international bond sale. Its wholly-owned subsidiary Bharti Airtel International (Netherlands) has successfully priced a dual currency issuance of guaranteed senior notes comprising of $1 billion 5.350 per cent notes due 2024 and euro 750 million 3.375 per cent notes due 2021, the company said.
Stating that the notes would be fully and unconditionally guaranteed by Bharti Airtel, the company said: “Bharti will apply the net proceeds to refinance its existing debt. This refinancing exercise has significantly lengthened the average maturity profile of Bharti’s debt. With this, the company has fully refinanced the original $9 billion acquisition facility and also taken care of all near term maturities.” The net debt of the company at the end of March 31, 2014 stood at Rs.60,541.6 crore.
Airtel also said it was a first ever dual currency issuance and also largest ever fund raising exercise at a single time by an Indian issuer. “With this transaction, Bharti is the single largest private issuer out of India. We now have $5 billion of bonds outstanding, across 5,6, 7, 9 and 10 years outstanding tenor across USD, EUR and CHF currency base,” said Bharti Airtel Group Treasurer Harjeet Kohli. “Through this as well as the previous bond issuances, all acquisition finance facilities taken for the acquisition of Zain in 2010, have been successfully refinanced well ahead of their tenure”, he added.
