Debt financing
Construction conglomerate SP Group raises $650-M through 3-year bond
Mumbai-based Shapoorji Pallonji Group has raised USD 650 million through a three-year bond issued by its group entity, Mercury Finance Company. The bond was priced at a 14.5% coupon, attracting interest from global hedge funds, asset management firms, and international banking institutions. Deutsche Bank acted as the sole arranger for the transaction.The proceeds from this bond issuance are intended for the refinancing of outstanding obligations linked to INR 14,300 crore in zero-coupon debentures originally issued in 2023 by the group holding company, Goswami Infratech.The refinancing package is expected to include a rupee-denominated component in addition to the newly raised capital. The maturity for the original debentures had been previously extended twice, with the latest deadline set for July 31.
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