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Bharti Airtel announces successful pricing of US$ 750 million 5.650% Subordinated Perpetual Securities

Posted On: 2019-10-09 19:01:57

Bharti Airtel Limited, a leading global telecommunications company with operations in 18 countries across Asia and Africa, today announced that its wholly-owned subsidiary Network i2i Limited (the "Company"), has priced a Rule 144AJ Regulation S offering of US$ 750 million 5.650% Subordinated Perpetual Securities (the "Securities"). The Securities are guaranteed by Bharti Airtel Limited ("Bharti Airtel" or the "Guarantor").

The Securities are expected to be rated BB by both S&P and Fitch.

Transaction Highlights:

- Bharti Airtel's inaugural hybrid securities offering
- 1 st pure play telecommunications G3 hybrid securities from Asia Pacific (ex-Japan)
- 1st subordinated perpetual by an Investment Grade Corporate out of India.

The Securities priced at par at a coupon and yield of 5.650%. The Securities are subordinated and rank pari passu with any parity obligations and senior only to junior obligations of the Company. The proceeds shall be used for refinancing , investments in subsidiaries and general corporate purpose.

Mr. Ashish Sardana, Head - Treasury, Bharti Airtel, said, "In the backdrop of the current global economic environment, the strong response for our inaugural hybrid securities offering from high quality investors across Asia, Europe and the United States underlines the future growth potential of our business. We continue to be focused on strengthening our balance sheet and this subordinated perpetual issue with 100% accounting equity treatment helps us in deleveraging further. We are delighted by the outcome of this transaction and the continuing support and appreciation of our credit by the global investor community."

Barclays Bank PLC, BNP Paribas, Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation, J.P. Morgan Securities, Merrill Lynch (Singapore) Pte. Ltd. and Standard Chartered Bank], acted as Joint Bookrunners.

Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.359.25 as compared to the previous close of Rs. 341.5. The total number of shares traded during the day was 291605 in over 3242 trades.

The stock hit an intraday high of Rs. 360.7 and intraday low of 339.1. The net turnover during the day was Rs. 103137280.


Source: Equity Bulls

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