Curation Team
NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has raised ₹2,000 crore via a 10-year non-convertible debenture (NCD).
The issue was priced at an effective coupon of 7.33% over a 10-year tenor, with a step-up structure of 7.25% for the first five years and 7.45% for the subsequent five years.
The proceeds will be used to refinance certain existing debt, and result in annual interest savings of approximately 70 basis points (bps).
The issuance saw demand from over 15 leading institutional investors, including insurance companies, pension funds, and mutual funds, and was oversubscribed by 1.4x.
