By Rebecca Melvin
New York, Feb. 19 – India Toll Road has priced $300 million of 5˝% secured notes due 2024 (Ba2//BB), according to a notice.
The issuer is held in trust for the purpose of purchasing the onshore senior secured non-convertible debentures of IRB Infrastructure Developers Ltd. The proceeds of those debentures will be used to refinance existing debt, fund capital expenditures and for general corporate purposes for IRB, according to two rating agencies’ notes.
Barclays Bank plc, Deutsche Bank AG Singapore Branch and J.P. Morgan Securities plc are the bookrunners of the Rule 144A and Regulation S issue.
Listing on the Singapore exchange is expected on Monday.
IRB is an engineering and construction project company focused on building highways in India.
| Issuer: | India Toll Road
|
| Issue: | Secured notes
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| Amount: | $300 million
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| Maturity: | 3.5 years
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| Managers: | Barclays Bank plc, Deutsche Bank AG Singapore Branch and J.P. Morgan Securities plc
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| Coupon: | 5˝%
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| Listing date: | Feb. 22
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
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