20-05-2025
Embassy REIT raises ₹2,000 crore debt at 7.21%
NEW DELHI:
Embassy Office Parks REIT
(
Embassy REIT
) has raised ₹2,000 crore of coupon-bearing debt at an interest rate of 7.21% for a three year-tenor.
The proceeds will be used to refinance certain existing debt and will save 77 basis points (bps) in interest costs compared to the current rate.
Ritwik Bhattacharjee
, chief executive officer of the company said, ""We maintain a well-diversified and conservative debt book, and this refinancing positions us well to capitalize on future growth opportunities."
The company witnessed a robust demand from institutional investors with 11 different investors participating in the issue of non-convertible debentures (NCDs).
The
REIT
has opted to exercise the call option on its Series IX NCDs of ₹500 crores, carrying a coupon of 8.03%, for early repayment on June 4, 2025, ahead of the original maturity date of September 4, 2025.
CRISIL has assigned "AAA/Stable" rating to the NCDs issued.
Talwar Thakore & Associates
served as the legal counsel to Embassy REIT.
