Surface transportation infrastructure company IL&FS Transportation Networks Limited today said that it has refinanced the term loan outstanding in Andhra Pradesh Expressway Limited (APEL).
APEL, a special purpose vehicle (SPV), which was formed for design, construction, development, finance, operation and maintenance of existing two-lane road (covering 74,651 kilometers) on national highway No 7 (NH-7) in Andhra Pradesh.
The term loans have been refinanced through issuance of seven series of non-convertible debentures (NCDs) aggregating to Rs 530 crore, according to a company release.
All the series mature within a period of 13 years with varying maturities and carry a YTM (yield to maturity) of 10% per annxim. The NCDs have been listed on the wholesale debt segment of the National Stock Exchange.
The company's scrip is currently trading at Rs 186.75, down 0.95% over the previous close of Rs 188.55.