By Sarah Lizee
Olympia, Wash., Dec. 29 – IL&FS Transportation Networks Ltd. said its joint venture firm, Jorabat Shillong Expressway Ltd., refinanced its senior and subordinated debt amounting to Rs. 8.83 billion by issuing nonconvertible debentures with a weighted average coupon of 8.34%.
The refinancing results in interest savings of 2.96%, according to a notice.
The company said that on Jan. 28, 2016, it completed the development of a “section of NH-40 from km 0.000 to 61.800” in the state of Assam and Meghalaya. The project is entitled to receive from the National Highways Authority of India a semiannual annuity of Rs.725.1 million for a period of 15 years from the date of completion.
IL&FS Transportation is a surface transportation infrastructure company based in Mumbai.
| Issuer: | Jorabat Shillong Expressway Ltd.
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| Issue: | Debentures
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| Amount: | Rs. 8.83 billion
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| Coupon: | 8.34% weighted average
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| Announcement date: | Dec. 29
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