Debt financing
Mindspace REIT raises Rs.500-Cr via 10-year NCDs at 7.63%
Mindspace Business Parks REIT (Mindspace REIT) has raised INR 500 crore through a 10-year non-convertible debenture (NCD) issuance, fully subscribed by a domestic life insurance company. Khaitan & Co served as legal counsel for this transaction.Mindspace REIT plans to use the proceeds to refinance existing borrowings. This initiative aims to extend the company's debt maturity profile and increase its proportion of fixed-rate borrowings.The NCDs carry a fixed coupon of 7.63% per annum, payable quarterly. This transaction contributes to Mindspace REIT's cumulative fundraising of approximately INR 16,400 crore across various capital market instruments, including NCDs, commercial papers, green bonds, and sustainability-linked bonds.
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