Latest news with #SPGroup
CNA
a day ago
- Climate
- CNA
Parts of Hougang hit by brief power outage, energy authority investigating
SINGAPORE: The Energy Market Authority (EMA) said it will be investigating the cause of a power outage that briefly hit some areas in Hougang on Monday (Jun 2) morning. In response to CNA's queries, EMA said it was aware that electricity supply to parts of Hougang was disrupted at around 11.14am, with power fully restored by 11.28am. 'EMA takes such outages seriously and will be investigating the cause of the incident,' said the authority. National grid operator SP Group earlier confirmed in a Facebook post that parts of Hougang were affected by a temporary electricity supply disruption lasting about 14 minutes. 'Our officers were immediately deployed to the affected areas. Our priority is to restore supply safely and as quickly as possible,' it said. 'Those in commercial or industrial buildings may need to reset their internal electrical network. This could require support from their appointed licensed electrical worker.' SP Group added it was investigating the cause of the incident and apologised for the inconvenience caused. 'Come here to eat for the aircon but blackout … So hot now,' wrote Facebook user August Gan, who posted that she had been at Hougang RiverCourt shopping mall when the power went out.
India.com
2 days ago
- Business
- India.com
This Indian company gets Rs 290904000000 loan from..., not Ratan Tata's Tata Group, Mukesh Ambani's Reliance, Narayana Murthy's Infosys, name is....
This Indian company gets Rs 290904000000 loan from..., not Ratan Tata's Tata Group, Mukesh Ambani's Reliance, Narayana Murthy's Infosys, name is... One of the country's largest industrial houses – Shapoorji Pallonji Group – has completed a USD 3.4 billion (aprox Rs 290904000000) financing in the country's biggest ever private credit deal. The company has received a record loan (non-convertible debenture) from a Germany's Deutsche Bank. Notably, this is the largest private credit deal outside United States. The group has raised this money by pledging a part of their stake in Tata Sons. The loan is for three years at an interest rate of 19.75 percent, which will be paid at the end of the year. Earlier, the interest rate on the loan taken by the SP Group was slightly lower. In 2023, the group's company Goswami Infratech raised USD 1.7 billion at an 18.75% interest rate. Where Will The Money Be Used? A company will use a new loan to consolidate existing debt and grow its real estate and engineering, procurement, and construction (EPC) operations. This financing strategy, according to one investor, offers large corporations a novel long-term funding solution. The Investment? Notably, three types of investors have invested in this entire funding. First, those who have already invested in Sterling bonds. Second, those who have already invested in Goswami bonds. And third, new private credit investors from the US, UK, Hong Kong, Singapore and India. The bank has also roped in several international credit funds to reduce its risk. BlackRock has invested USD70 million, Sona USD180 million, Morgan Stanley Investment Management USD60 million and PIMCO USD45 million. In this way, all of them together have invested about USD355 million. Apart from this, Ares has separately invested USD500 million. To reduce the risk, the bank roped in several international credit funds. Black rock has invested USD 70 million, Sona USD180 million, Morgan Stanley Investment Management USD60 million and PIMCO USD45 million. Farallon Capital has also invested USD596 million. Davidson Kempner and Cerberus Capital have also invested USD401 million and USD474 million, respectively. Loan Was Received On This Condition A bank has provided a loan to SP Group in exchange for its 9.2% stake in Tata Sons, held through Sterling Investment, Shapoorji Pallonji Real Estate, and SP Energy (an oil and gas company). This transaction marks the first major corporate bond issuance under revised Foreign Portfolio Investor (FPI) regulations. These new rules allow foreign investors to utilize the General Limit Route, eliminating the previous restrictions associated with the Voluntary Retention Route.
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Business Standard
3 days ago
- Business
- Business Standard
Shapoorji Group bags $3.35 bn in largest private deal led by Deutsche Bank
The $3.35 billion financing was raised via 3-year NCDs at a 19.75 per cent annual yield, up from last year's 18.75 per cent when Goswami Infratech raised $1.7 billion in debt Rimjhim Singh New Delhi Deutsche Bank has planned the largest private credit transaction outside the United States by raising $3.35 billion for the Shapoorji Pallonji (SP) Group. The infrastructure conglomerate leveraged a portion of its Tata Sons stake as collateral, attracting commitments from major global investors, including BlackRock and Morgan Stanley, according to a report by The Economic Times. The financing was secured through three-year non-convertible debentures (NCDs) offering a 19.75 per cent yield, compounded annually and payable at maturity. This marks a rise from earlier debt issuances, which commanded yields approximately one percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at an 18.75 per cent yield, the news report said. Deutsche Bank's significant commitment and syndication The $3.35 billion funding round brought together three distinct investor groups: existing bondholders of Sterling bonds, current investors in Goswami bonds, and a new cohort of private credit investors from the US, the UK, Hong Kong, Singapore, and India. Deutsche Bank spread its exposure across international credit funds, with BlackRock acquiring $70 million, Sona Capital investing $180 million, Morgan Stanley Investment Management putting in $60 million, and PIMCO contributing $45 million. This consortium totalled around $355 million, complemented by a separate $500 million investment from Ares Capital. Farallon Capital, a longstanding creditor to the SP Group, invested $596 million (approximately ₹5,100 crore). Other key participants included Davidson Kempner and Cerberus Capital, committing $401 million and $474 million respectively. Secured by stake in Tata Sons and real estate arms The debt is secured against SP Group's 9.2 per cent shareholding in Tata Sons, held through Sterling Investment, as well as assets in Shapoorji Pallonji Real Estate and SP Energy — the group's oil and gas business. This issuance, exclusively arranged by Deutsche Bank, represents the first large-scale corporate bond placement following changes in Foreign Portfolio Investor (FPI) norms, which now permit offshore investment under the general limit route instead of the more restrictive Voluntary Retention Route (VRR), the news report said. Regulatory changes and timing impact the deal Originally aiming for a March close, the transaction was completed six weeks later, delayed by geopolitical uncertainties. While part of the proceeds will refinance existing debt and support growth in SP Group's real estate and engineering, procurement, and construction (EPC) businesses, the deal is expected to transform capital access for large Indian conglomerates, the news report said.
Economic Times
3 days ago
- Business
- Economic Times
Shapoorji Group secures $3.4 billion in record Deutsche-led credit deal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Deutsche Bank anchored the largest private credit deal outside of the US, garnering $3.35 billion for the Shapoorji Pallonji Group, as the infrastructure conglomerate used a part of its Tata Sons stake as collateral to draw commitments from the likes of BlackRock and Morgan Stanley in a global funding syndicate, people familiar with the matter three-year non-convertible debentures (NCDs) carry a 19.75% yield, compounded annually and payable at maturity. Funds were earlier raised at a rate that was about a percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at 18.75%. The German lender committed $893 million to the bonds, and is likely to retain a significant amount - of more than $500 million - on its books. Deutsche Bank has syndicated to financiers including BlackRock, Sona Capital, Morgan Stanley, and PIMCO. Firms such as Sona Capital and PIMCO executed their first major private credit India trade through this entire funding round of $3.35 billion drew three distinct pools of capital -- existing bondholders in Sterling bonds, existing bondholders in Goswami bonds, and a fresh slate of global private credit investors from the U.S., U.K., Hong Kong, Singapore, and Deutsche Bank also distributed its exposure across a consortium of international credit funds. BlackRock picked up $70 million, Sona committed $180 million, Morgan Stanley Investment Management took $60 million, and PIMCO added $45 million, bringing the consortium's total to about $355 million. Separately, Ares has invested in $500 Capital, a long-time creditor to SP Group, followed with a $596 million (Rs 5,100 crore) investment. Davidson Kempner and Cerberus Capital committed $401 million and $474 million respectively. Spokespersons of Deutsche Bank and SP Group did not respond to requests for debt is secured by SP Group's 9.2% stake in Tata Sons held via Sterling Investment, its real estate arm Shapoorji Pallonji Real Estate, and SP Energy, the oil and gas business. The issuance, arranged solely by Deutsche Bank, is the first large corporate bond placement under the revised FPI norms, which now allow offshore investments through the general limit route instead of the restrictive Voluntary Retention Route (VRR).DB originally targeted a March closing but ultimately executed the transaction six weeks later after geopolitical stability. 'This regulatory tweak, where the RBI revised FPI norms for corporate bonds, helped investors invest through the general investment route,' said a source. 'It was key for investors that wanted one-off exposure to India without committing to an ongoing India-dedicated book.' While the transaction is partially going to be used for refinancing existing debt and funding growth in real estate and EPC businesses, it will change how large conglomerates access longterm capital, said an investor in the bond.'Most people see Shapoorji as a real estate player. But it is India's largest EPC group after L&T,' one bond investor in the deal said. 'This deal will deepen nonbank financing avenues for corporate India and will significantly deepen the private credit market in India.' Other investors in the deal include Kingstreet $150 million, EAAA $82 million, Synergy Metals & Mining $75 million, BroadPeak $55 million, Discovery $25 million, and ASK Finance $23 million, among others. In total, 14 investors participated.
Time of India
3 days ago
- Business
- Time of India
Shapoorji Group secures $3.4 billion in record Deutsche-led credit deal
Deutsche Bank anchored the largest private credit deal outside of the US, garnering $3.35 billion for the Shapoorji Pallonji Group, as the infrastructure conglomerate used a part of its Tata Sons stake as collateral to draw commitments from the likes of BlackRock and Morgan Stanley in a global funding syndicate, people familiar with the matter said. The three-year non-convertible debentures (NCDs) carry a 19.75% yield, compounded annually and payable at maturity. Funds were earlier raised at a rate that was about a percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at 18.75%. The German lender committed $893 million to the bonds, and is likely to retain a significant amount - of more than $500 million - on its books. Deutsche Bank has syndicated to financiers including BlackRock, Sona Capital, Morgan Stanley, and PIMCO. Firms such as Sona Capital and PIMCO executed their first major private credit India trade through this deal. Distribution of Exposure The entire funding round of $3.35 billion drew three distinct pools of capital -- existing bondholders in Sterling bonds, existing bondholders in Goswami bonds, and a fresh slate of global private credit investors from the U.S., U.K., Hong Kong, Singapore, and India. The Deutsche Bank also distributed its exposure across a consortium of international credit funds. BlackRock picked up $70 million, Sona committed $180 million, Morgan Stanley Investment Management took $60 million, and PIMCO added $45 million, bringing the consortium's total to about $355 million. Separately, Ares has invested in $500 million. Farallon Capital, a long-time creditor to SP Group, followed with a $596 million (Rs 5,100 crore) investment. Davidson Kempner and Cerberus Capital committed $401 million and $474 million respectively. Spokespersons of Deutsche Bank and SP Group did not respond to requests for comment. Regulatory Tweak The debt is secured by SP Group's 9.2% stake in Tata Sons held via Sterling Investment, its real estate arm Shapoorji Pallonji Real Estate, and SP Energy, the oil and gas business. The issuance, arranged solely by Deutsche Bank, is the first large corporate bond placement under the revised FPI norms, which now allow offshore investments through the general limit route instead of the restrictive Voluntary Retention Route (VRR). DB originally targeted a March closing but ultimately executed the transaction six weeks later after geopolitical stability. 'This regulatory tweak, where the RBI revised FPI norms for corporate bonds, helped investors invest through the general investment route,' said a source. 'It was key for investors that wanted one-off exposure to India without committing to an ongoing India-dedicated book.' While the transaction is partially going to be used for refinancing existing debt and funding growth in real estate and EPC businesses, it will change how large conglomerates access longterm capital, said an investor in the bond. 'Most people see Shapoorji as a real estate player. But it is India's largest EPC group after L&T,' one bond investor in the deal said. 'This deal will deepen nonbank financing avenues for corporate India and will significantly deepen the private credit market in India.' Other investors in the deal include Kingstreet $150 million, EAAA $82 million, Synergy Metals & Mining $75 million, BroadPeak $55 million, Discovery $25 million, and ASK Finance $23 million, among others. In total, 14 investors participated.
