Bharti Airtel International (Netherlands) BV, a wholly owned subsidiary of Bharti Airtel , has raised $1 billion via 5.125% guaranteed senior notes due 2023. The Notes were nearly 9.5 times over-subscribed with an orderbook aggregating $9.5 billion from high quality investor accounts. The transaction is significant on various accounts like Inaugural USD bond transaction for Bharti, largest ever issuance from an Indian telecom company and one of the largest orderbooks for a USD issuance out of Asia.
The Notes have been priced at c. 325 basis points over the 10-year US Treasury Note, representing fixed interest of 5.125% per annum, with interest payable semi-annually in arrears. Bharti will apply the net proceeds to primarily refinance its existing debt. In terms of geographic distribution, the Notes were distributed 37% in Asia, 30% in Europe and 33% in the United States. The Notes were distributed in a well spread way to high quality fixed income accounts across fund managers, private banks, banks, insurance companies and corporates.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
| Company Name | CMP |
|---|---|
| Bharti Airtel | 1846.55 |
| Vodafone Idea | 9.62 |
| Indus Towers | 412.35 |
| Tata Communications | 1521.05 |
| Bharti Hexacom Ltd. | 1538.30 |
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