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Piramal Capital & Housing Finance is set to issue its first dollar bonds, aiming to raise up to USD 500 million. The initial price guidance for these Regulation-S bonds is 8.25%, with the final coupon rate expected to be finalised this week. The bonds will have a maturity of three and a half years. The funds raised will be used in accordance with the Reserve Bank of India's external commercial borrowing guidelines and the company's sustainable finance framework. Barclays, Deutsche Bank, and Standard Chartered are joint global coordinators, while Axis Bank, Citigroup, and Emirates NBD Bank are joint book-runners.
Piramal Capital & Housing Finance, a prominent non-bank lender in India, is preparing to issue its inaugural dollar bonds, with a planned fundraising of up to USD 500 million. This marks the company's first venture into the international bond market. The initial price guidance for these bonds is set at 8.25%, with the coupon rate expected to be finalised later this week. Advertisement
The bonds will be issued under Regulation-S, a framework allowing issuance to investors outside of the United States. They will have a maturity period of three and a half years. This move aligns with Piramal Capital's strategy to tap into global capital markets to support its financing needs. The funds raised will be used in accordance with the Reserve Bank of India's (RBI) external commercial borrowing guidelines. Additionally, the issuance will adhere to the issuer's sustainable finance framework, reflecting a commitment to responsible investment practices.
Piramal Capital, a wholly-owned subsidiary of Piramal Enterprises, has appointed a group of leading financial institutions to manage the bond issuance. Barclays, Deutsche Bank, and Standard Chartered have been named as joint global coordinators for the transaction. Axis Bank, Citigroup, and Emirates NBD Bank are serving as joint book-runners, responsible for handling the sale and distribution of the bonds.
The anticipated ratings for these bonds are Ba3 by Moody's and BB- by S&P, indicating a speculative grade. These ratings reflect the creditworthiness of the issuer and provide potential investors with an understanding of the associated risks.
Overall, this bond issuance is a significant step for Piramal Capital & Housing Finance, aiming to diversify its funding sources and strengthen its financial position. It also underscores the company's commitment to sustainable and transparent financial practices while expanding its footprint in the global market.
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