Bharti Airtel announces successful pricing of CHF 350 million bond issue

Bharti Airtel International (Netherlands) BV, a wholly owned subsidiary of Bharti Airtel Limited has completed the pricing of CHF bond issue. The company has successfully priced CHF 350 Million 3% Guaranteed Senior Notes due 31-March-2020 (the "Notes"). The Notes will be fully and unconditionally guaranteed by Bharti Airtel. Bharti will apply the net proceeds to refinance its existing debt.

The Notes carry an Investment Grade rating from Moody's, Standard &Poor and Fitch.

The Notes received considerable investor interest, witnessing a strong and balanced demand across high quality Institutional Investors and Swiss Private Banks, highlighting the broad support base that the Bharti credit has attracted.

The key highlights of the transaction were:

- Largest ever issuance by an Asian Telco in the Swiss Bond Market
- Second largest debut issuance by an Emerging Markets Corporate
- Largest CHF bond offering ever from India
- First ever Indian private issuer to access the CHF markets, opening the market to further issuance from other Indian credits
- Second largest CHF bond offering from Asia since start of 2013

The Notes have been priced at 230 basis points over 6 year CHF Mid Swaps with a fixed coupon of 3% per annum to yield 2.98%.

Mr. Harjeet Kohli, Group Treasurer, Bharti Airtel said, "It is extremely heartening to have a third listing of our credit in just one year with yet another largest debut issuance from India. With this issuance, Bharti now has the largest debut USD, EURO and CHF denominated bond issuances by an Indian issuer ever."

"These issuances continue to diversify our funding sources, currencies and investor base, besides being priced at very attractive levels. Bharti's credit continues to receive interest from diverse and high quality investors, underlining the strength of our business." added Mr. Kohli.

BNP, DB and UBS acted as Joint Lead Managers on the offering.

Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.300.9 as compared to the previous close of Rs. 299.8. The total number of shares traded during the day was 88756 in over 2130 trades.

The stock hit an intraday high of Rs. 303.9 and intraday low of 298.1. The net turnover during the day was Rs. 26783960.

Source : Equity Bulls

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