Rolta, LLC. raises USD 200 million

Rolta India Limited ("Rolta") has announced the successful pricing of 10.75% Senior Notes (the "Notes") in the international markets, aggregating to USD 200 million by its wholly owned subsidiary, Rolta, LLC. This offering was oversubscribed by 2 times, with demand from a high quality investor base (over 70 accounts globally), split among asset managers (72%), banks (10%), and retail accounts (18%). The offering was well-subscribed across geographies, with Asia contributing to 47% of the demand, and US contributing to 43% of the demand. European investors accounted for 10% of demand.

The Notes have a tenure of 5 years and are guaranteed by Rolta and its subsidiaries, Rolta International, Inc., Rolta Middle East FZ-LLC, and Rolta U.K. Ltd. The Notes have been rated as BB- (S&P) and BB- (EXP) (Fitch). The proceeds from the Notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes. The Notes will be listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).

Commenting on the offering, Mr. K. K. Singh, Chairman and Managing Director of Rolta said, "We are very pleased to have set a new benchmark by successfully completing this offering, one of the first few high-yield bond issuances of its kind. We are also privileged to note the confidence that some of the world's largest and most sophisticated investors have placed in us."

Barclays, Citigroup, DBS and Deutsche Bank acted as the Joint Lead Managers to the Notes offering. DLA Piper and Davis Polk were US counsels to Rolta and to the Joint Lead Managers, respectively, while AZB and Trilegal advised Rolta and the Joint Lead Managers, respectively, on matters of Indian law.

Shares of Rolta India Ltd was last trading in BSE at Rs.59.95, up by Rs.0.05 or 0.08%. The stock hit an intraday high of Rs.62 and low of Rs.59.35.

The total traded quantity was 0.22 lakhs compared to 2 week average of 0.74 lakhs.

Source : Equity Bulls

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