InvIT Cube Highways raises Rs.1,150-Cr through NCDs

New Delhi-based Cube Highways Trust has raised INR 1,150 crore through the issuance of senior, secured, listed, rated, redeemable, non-convertible debentures (NCDs). The transaction saw participation from institutional investors Axis Bank and ICICI Bank.Founded in 2015, Cube Highways Trust is an infrastructure investment trust (InvIT). The trust plans to use the proceeds towards the refinancing of outstanding senior debt facilities and commercial papers, as well as for funding capital expenditure and maintenance expenses related to its project special purpose vehicles. This issuance is part of a broader financing program approved for raising INR 4,500 crore.The NCDs carry a coupon rate of 7.50% per annum, payable quarterly, with a tenor of five years.