Shapoorji Pallonji Secures 1.5 Billion Dollars in Funding
The Shapoorji Pallonji Group has secured commitments for over half of its planned 2.7 billion dollar fundraising aimed at refinancing existing debt. The conglomerate plans to issue dollar and rupee bonds by the end of next month with interest from major global asset managers.
Shapoorji Pallonji Group has secured $1.5B in commitments toward a planned $2.7B fundraising effort in India. The conglomerate aims to finalize the debt package before the end of June. Successful execution would alleviate liquidity pressure for the infrastructure giant as it manages high debt levels and its minority stake in Tata Sons.
### High-Yield Dollar Bonds Lead the Raise The group intends to raise $950M through three-year dollar bonds issued by a subsidiary. These notes feature a put/call option after the first year and carry initial yield guidance between 14.00% and 14.50%. BlackRock is considering an initial investment of $100M to $200M in this dollar tranche, people familiar with the matter said.
