Rolta India’s wholly owned subsidiary, Rolta Americas LLC, has successfully priced 8.875% Senior Notes in the international markets, aggregating to $300 million. This offering was oversubscribed by more than 8 times with order book of over $2.4 billion with demand from a high quality investor base (over 200 accounts globally), split among asset managers (79%), banks (12%), and others (9%). The offering was well-subscribed across geographies, with Asia contributing to 47% of the demand, US contributing to 35% of the demand and European investors accounted for 18% of demand.
The notes have tenure of 5 years and are guaranteed by the company and its key subsidiaries. The notes have been rated as S&P: BB- / Fitch: BB-. The proceeds from the notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes. The notes will be listed on the Singapore Exchange Securities Trading (SGX-ST).
Barclays and Citigroup, acted as the Joint Lead Managers to the Notes offering. DLA Piper and Davis Polk Wardwell were US counsels to Rolta and to the Joint Lead Managers, respectively. Trilegal advised the Joint Lead Managers on matters of Indian law.