Embassy REIT raises Non-Convertible Debentures of Rs 1,050 crore at 7.77% coupon

Embassy Office Parks REIT has raised INR1050 crores ($142m) via coupon-bearing Non-Convertible Debentures (NCDs) in order to refinance bank loans by securing 138 basis points interest savings from a 7.77% coupon rate, compared to expected interest rates during repricing. The NCDs carry a “AAA/Stable” rating from rating agency Crisil and will be listed on the wholesale debt market of BSE. The funds were raised with the help of arrangers including Axis Bank, Barclays Bank and ICICI Bank. Embassy REIT owns and operates a 45m sq ft portfolio of nine high-quality office parks in India.