Shapoorji Pallonji Group secures $3.4 billion in private credit deal
MUMBAI: Indian real estate and construction conglomerate
Shapoorji Pallonji Group
has completed a $3.4 billion financing in the country's biggest ever private credit deal, according to people familiar with the matter.
About a dozen large investors - some using multiple funds - bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three years.
Top investors include
Ares Management Corp
,
Cerberus Capital Management
,
Davidson Kempner Capital Management
and Farallon Capital Management, people said.
Deutsche Bank
acted as the sole arranger of the deal and also invested in it.
Deutsche invested about $900 million and will down-sell a portion of the debt, the people said, adding that Cerberus and Davidson bought about $475 million and $425 million worth of bonds, respectively.
Indian investors also participated in the deal, with ASK Wealth Advisors and some family offices buying a portion of the offering, the people said. EAAA India Alternatives Ltd., one of the country's largest domestic private credit funds, bought about $85 million of the bonds, said one of the people.
The financing is a landmark in India's growing private credit industry, which is getting a boost as Prime Minister Narendra Modi's infrastructure push increases funding demands for everything from solar power to roads.
A representative for Shapoorji didn't immediately respond to requests for comment outside of normal business hours. Davidson Kempner declined to comment. Ares, Cerberus, Farallon, EAAA and ASK did not immediately reply to Bloomberg's requests seeking comments.
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