Bharti Airtel International (Netherlands) B.V., a wholly-owned subsidiary of the country’s largest telecom operator Bharti Airtel, is to raise about CHF 350 million (about ₹2,436 crore) through bonds.
The company will issue the bonds to European investors.
The notes have been priced at 230 basis points over 6-year CHF mid-swaps with a fixed coupon of 3 per cent per annum to yield 2.98 per cent. The notes are being fully guaranteed by Bharti Airtel and carry investment grade ratings from Moody’s, Standard & Poor’s and Fitch, the company said in a statement.
The Largest offeringThis is the largest CHF bond offering from India, it said, adding that Bharti will apply the net proceeds to refinance its existing debt. “These issuances continue to diversify our funding sources, currencies and investor base, besides being priced at very attractive levels. Bharti’s credit continues to receive interest from high quality investors, underlining the strength of our business,” Harjeet Kohli, Group Treasurer at Bharti Airtel, said. BNP Paribas, Deutsche Bank and UBS are the joint book runners and lead managers.