By Susanna Moon
Chicago, Feb. 15 – IL&FS Transportation Networks Ltd. said subsidiary Hazaribagh Ranchi Expressway Ltd. refinanced its Rs. 7.15 billion of senior debt by issuing debentures at a weighted average coupon of 8.56%.
The refinancing results in interest savings of about 282 basis points, according to the notice.
Proceeds will be used for development of the “four laning of Hazaribagh - Ranchi section of NH-33 from km 40.500 to 114.00 in the state of Jharkhand awarded by National Highways Authority of India,” the release noted.
IL&FS Transportation is a surface transportation infrastructure company based in Mumbai.
| Issuer: | Hazaribagh Ranchi Expressway Ltd.
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| Issue: | Debentures
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| Amount: | Rs. 7.15 billion
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| Coupon: | 8.56% weighted average
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| Announcement date: | Feb. 15
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