IRB Infra: IRB Infra in talks to tap overseas bond market

by

Mumbai: IRB Infrastructure, backed by Singapore’s GIC, is exploring the overseas bond market to raise $300 million, mainly to refinance the earlier bonds. The company is in talks with Barclays, Deutsche Bank and JP Morgan to give the fundraising mandate.

Proceeds will be used to refinance the earlier bond raised in 2021. Back then, IRB had raised $300 million 5.5% senior secured notes due 2024 issued by Mauritius-based India Toll Roads (ITR), said two sources. India Toll Roads is an orphan financing vehicle of IRB.

Barclays Bank, Deutsche Bank, Singapore Branch and JP Morgan Securities were the joint lead managers to the issuer.

This month, Fitch Ratings had affirmed the long-term issuer rating at ‘BB+’ and kept the outlook as stable. Spokespersons of Barclays and JP Morgan declined to comment while Deutsche Bank and IRB did not respond to requests for comment.

The company, which operates projects like Mumbai-Pune Expressway and Ahmedabad-Vadodara Expressway, is a leader in India’s road sector, managing more than 15,000 lane km of build-operate-transfer (BOT), toll-operate-transfer (TOT) and hybrid-annuity-model road assets across 12 states.

(You can now subscribe to our ETMarkets WhatsApp channel)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Source link

Denial of responsibility! NewsConcerns is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment