Telecommunications firm Bharti Airtel said it had raised EUR750 million in bonds. The said bond issue received bids amounting to EUR3.8 billion. The company will use the proceeds of the bond issue to refinance its existing debt, according to The Economic Times.
The company said in a statement: "Its wholly-owned subsidiary, Bharti Airtel International (Netherlands) BV, has priced EUR 750 Million 4 per cent guaranteed senior notes due 2018. The notes will be fully and unconditionally guaranteed by Bharti Airtel."
This is Airtel's third bond issue for this calendar year. The firm held roadshows for the issue in London, Amsterdam, Frankfurt, and Paris last week, said the report.
Bharti Group Treasurer Harjeet Kohli said of the deal, "This transaction helps us continue to diversify sources of funding and the EUR financing also acts as a natural hedge to many of our African businesses where local currency is pegged to Euros."
UBS, Barclays, DB, BNP, Standard Chartered, and JP Morgan acted as joint lead managers and joint bookrunners of the bond offering, The Economic Times reported.
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