Debt

Debt financing

Varanasi-Aurangabad Highway raises $316-M through dollar bond

Economic Times  

Varanasi Aurangabad NH-2 Tollway Pvt Ltd (VAH) has raised USD 316.3 million through a dollar-denominated bond issuance, marking its debut in the international bond market. The bonds, carrying a 5.900% coupon rate, will mature in nearly nine years. The bonds saw strong demand, attracting 144 investors and raising over USD 3.3 Billion in orders. The proceeds will be used for refinancing and capital expenditure.Deutsche Bank acted as the sole global coordinator for the transaction.This marks the first time an Indian road concession has secured US dollar-denominated debt and an investment-grade rating.