India's IRB Infrastructure appoints bankers for dollar bond issue, term sheet shows

IRB Infrastructure Developers

26/02/2024 02:53

MUMBAI, Feb 26 (Reuters) - India's IRB Infrastructure
Developers  IRBI.NS  has mandated bankers for a potential dollar
bond issue, who will arrange meetings with fixed income
investors from Monday, according to a draft term sheet seen by
Reuters.
    The roads and highways developer has appointed Barclays,
Citigroup, CLSA, Deutsche Bank, J.P. Morgan, and Standard
Chartered Bank as joint bookrunners to arrange investor meetings
and calls in Asia, Europe and the United States.
    The company is looking to issue a benchmark sized
Regulation-S dollar-denominated bonds maturing in eight years
and another offering maturing in 7.25 years may follow, subject
to market conditions, the term sheet showed.
    The proposed 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 Varun H K)
 ((Bhakti.Tambe@thomsonreuters.com))