Embassy REIT to tap debt market with Rs 2,000 crore bond sale: Sources
Embassy Office Parks REIT
is in talks with bankers to raise Rs 2,000 crore ($232.79 million) via the issuance of five-year
corporate bonds
, three sources aware of the matter said on Wednesday.
The
real estate investment trust
will look to close the funding round before the end of this month, the sources said requesting anonymity as the talks are private.
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Undo
The debt sale could attract strong demand from mutual funds as well as some
insurance companies
, as the notes are rated 'AAA' by Crisil, they said.
The firm did not reply to a Reuters email seeking comment.
Embassy REIT will tap the bond market for the second time this year after it raised 7.50 billion rupees in June through the sale of 21-month bonds at a coupon of 6.9650%, payable on a quarterly basis.
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"Since the company is targeting a larger quantum as compared to the June issue, they have gone for a slightly higher tenor to attract demand from insurance companies," one of the sources said.
The coupon on this bond issue has not been decided.
The ratings continue to factor in exposure to refinancing risks and susceptibility to volatility in the real estate sector, resulting in fluctuations in rental rates and occupancy, rating agency Crisil said.
Currently, the company has outstanding bonds worth around 85 billion rupees, as per Crisil.
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