India's IRB Infrastructure sets coupon on dollar bond issue, bankers say

IRB Infrastructure Developers

01/03/2024 02:43

MUMBAI, March 1 (Reuters) - India's IRB Infrastructure
Developers  IRBI.NS  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)
 ((bhakti.tambe@tr.com))