Rolta India’s wholly owned subsidiary - Rolta, LLC has raised $200 million after successfully concluding pricing of 10.75% Senior Notes in the international market. This offering was oversubscribed by 2 times, with demand from a high quality investor base (over 70 accounts globally) split among asset managers (72%), banks (10%), and retail accounts (18%). The offering was well-subscribed across geographies, with Asia contributing to 47% of the demand, and US contributing to 43% of the demand, European investors accounted for 10% of demand.
The Notes have tenure of 5 years and are guaranteed by Rolta and its subsidiaries, Rolta International, Inc., Rolta Middle East FZ-LLC, and Rolta UK. The Notes have been rated as BB- (S&P) and BB- (EXP) (Fitch). 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, Citigroup, DBS and Deutsche Bank acted as the Joint Lead Managers to the Notes offering. DLA Piper and Davis Polk were US counsels to Rolta and to the Joint Lead Managers, respectively, while AZB and Trilegal advised Rolta and the Joint Lead Managers, respectively, on matters of Indian Law.