Bharti Airtel Raises About $2 Billion In Dual Currency Bond Sale

Bharti Airtel raised around $2 billion in a dual currency international bond sale to refinance its debt, the company said here Monday.

“The notes will be fully and unconditionally guaranteed by Bharti Airtel. Bharti will apply the net proceeds to refinance its existing debt. This refinancing exercise has significantly lengthened the average maturity profile of Bharti’s debt. With this, the company has fully refinanced the original $9 billion acquisition facility and also taken care of all near term maturities,” the company said.

The company raised $1 billion and Euro 750 million from the sale of dual currency USD and EUR bonds.

Bharti Airtel said in the statement that its wholly-owned subsidiary Bharti Airtel International (Netherlands) has successfully priced a dual currency issuance of guaranteed senior notes comprising of $1,000 million 5.350 percent notes due 2024 and Euro 750 million 3.375 percent notes due 2021.

The company said it was a first ever dual currency issuance by an Indian issuer.

Barclays, Bank of America-Merrill Lynch, BNP Paribas, HSBC, JP Morgan and Standard Chartered Bank acted as joint lead managers for the offering.


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