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SP Group entity fetches Rs 14,300 crore in latest issue

28 Jun 2023 , 11:47 AM

Goswami Infratech, the promoter entity of the Shapoorji Pallonji (SP) Group, has raised Rs 14,300 crore from a group of renowned global investors through rupee-denominated zero-coupon non-convertible debentures (NCDs).

This transaction represents the highest value ever recorded in the domestic private credit sector for a low-rated paper with a yield of 18.75%.

The NCDs, which have a maturity of 2.5 years and a yield of 18.75%, were issued in exchange for pledged Tata Sons and Afcons shares. According to two sources, Varde Partners, Canyon Capital, Davidson Kempner, Cerberus Capital, and existing lenders Deutsche Bank, Edelweiss Special Opportunities Fund, and Ares SSG all participated in the transaction.

Deutsche Bank has been a long-term investor in the SP Group, having invested in the company for over a decade. As per reports, Deutsche Bank and Standard Chartered Bank were the lead arrangers and book runners for the financing.

The proceeds generated from this issuance will be used by the company to refinance the impending maturities of Cyrus Investment Pvt Ltd’s debt, make early payments towards Sterling Investment Corp Pvt Ltd’s debt totaling Rs 3,300 crore ($406 million), and cover other group debt obligations amounting to Rs 2,976 crore ($363 million).

Additionally, the company will prepay Rs 3,250 crore out of the amount raised from Ares SSG and Farallon. This includes Rs 2,300 crore in principal and Rs 950 crore in interest payments.

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Related Tags

  • Goswami Infratech
  • SP Group
  • SP Group News
  • SP Group Updates
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