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Embassy REIT secures ₹1,550 cr via NCDs, loans to refinance existing debt
Press Trust of India Bengaluru
Embassy Office Parks REIT has successfully raised Rs 1,550 crore through the issue of debentures and term loans to refinance its existing debt and save interest costs.
In a regulatory filing on Monday, the company said it has "raised Rs 1,550 crore through a combination of Non-Convertible Debentures (NCDs) and term-loan facilities".
"The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 113 basis points (bps)," it added.
The fundraise comprises Rs 750 crore through NCDs, priced at a coupon of 6.97 per cent, and a Rs 800 crore term-loan from a leading bank that is priced at a floating interest rate of 7.40 per cent over a 15-year tenor.
Ritwik Bhattacharjee, Chief Executive Officer of Embassy REIT, said, "This refinancing continues to support our strategy of optimally managing our balance sheet and positions us well to finance our future growth initiatives." Embassy REIT owns and operates a 51.1 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, Delhi-NCR and Chennai. Its portfolio comprises 40.3 million square feet of completed operating area.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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