India: Embassy Reit raises nearly $355m via debentures

Photo: Pixabay

Embassy Office Parks Reit, the country’s first listed real estate investment trust, on Friday said it has raised ₹2,600 crore through the issue of non-convertible debentures (NCDs) to refinance existing debt of its office park Embassy Tech Village in Bengaluru.

The firm said it has successfully priced and allotted through a private placement ₹2,600 crore, or $351 million, of secured NCDs at a 6.40% quarterly coupon. The NCDs will be listed on the wholesale debt market of BSE.

“The attractive rate at which we have raised this bond and our execution timelines have once again demonstrated market confidence in high-quality borrowers like Embassy Reit. We will use the funds raised to refinance a portion of the in-place Embassy TechVillage debt. Post this bond raise, we continue to maintain conservative leverage ratios and retain our flexibility to finance future growth,” Mike Holland, chief executive officer, Embassy Reit, said.

On 12 January, the debenture committee of the board of directors of the manager to Embassy REIT approved the issue of NCDs.

In December, Embassy Reit had said it has raised $501 million through a qualified institutional placement of its units.

This article was first published on livemint.com

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.