Bharti mandates banks for $1 bn global bond debut: sources

Bharti mandates banks for $1 bn global bond debut: sources


Mumbai: Bharti Airtel Ltd , India’s top mobile carrier, has mandated banks to raise up to $1 billion in 10-year dollar bonds, marking its debut on the world bond market, two sources with direct knowledge told Reuters on Monday.

The proceeds of the issue will go towards refinancing part of the debt raised by Bharti to acquire Kuwaiti Zain’s operations in 15 African countries.

Bharti, which had completed the $9 billion acquisition last June to become the world’s fifth-biggest wireless operator, had raised $7.5 billion multi-tranche loan late last year.

The investor meeting for the issue will start next week, the sources said, adding the joint book runners include Barclays Capital, Deutsche Bank, HSBC, Standard Chartered, UBS, BNP Paribas and Credit Agricole.

Bharti declined to comment on the offering. Loss related to Bharti’s Africa business was 525 crore ($118.6 million) in the quarter ended on 31 December.

The sale will be the first senior bond from an Indian corporate since energy major Reliance Industries raised $1.5 billion through global bonds in October.

In April, utility Tata Power Company had raised $450 million through 60-year subordinate bonds.