 "Bharti Airtel to raise £500 mn via bond issue")
The money will be used for refinancing its existing loan portfolio. The issue and its timing would be subject to necessary approvals, global credit environment and market conditions, the company said in a regulatory filing.
Bharti is a leading corporate bond issuer from India and has issuances across maturities in dollar, euro and Swiss franc listed on the Singapore, Frankfurt and Swiss stock exchanges. These bond issuances have helped Bharti diversify its investor base, currency exposure and extend debt portfolio. “The intended bond issue, will help Bharti drive strategy of further diversification and extension of maturities,” it added.
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“This debut GBP issue will be used for refinancing our existing debt portfolio. Besides utilising the capital and expertise of the UK in financing Indian telecom growth story, the issue will further strengthen long-term partnership between two nations,” said Bharti Airtel group treasurer Harjeet Kohli.
In June this year, Airtel had raised $1 billion by issuing 10-year notes to foreign investors.
The company has been reeling under debt since it acquired assets in Africa. Its net debt was Rs 68,134 crore at the end of June. Bharti Airtel has around 14,000 mobile towers in Africa and has decided to exit the tower business. The African operations are still under losses.