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Home >Companies >News >Embassy Reit raises nearly 2,600 cr via debentures

Embassy Office Parks Reit, the country’s first listed real estate investment trust, on Friday said it has raised 2,600 crore through the issue of non-convertible debentures (NCDs) to refinance existing debt of its office park Embassy Tech Village in Bengaluru.

The firm said it has successfully priced and allotted through a private placement 2,600 crore, or $351 million, of secured NCDs at a 6.40% quarterly coupon. The NCDs will be listed on the wholesale debt market of BSE.

“The attractive rate at which we have raised this bond and our execution timelines have once again demonstrated market confidence in high-quality borrowers like Embassy Reit. We will use the funds raised to refinance a portion of the in-place Embassy TechVillage debt. Post this bond raise, we continue to maintain conservative leverage ratios and retain our flexibility to finance future growth," Mike Holland, chief executive officer, Embassy Reit, said.

On 12 January, the debenture committee of the board of directors of the manager to Embassy REIT approved the issue of NCDs.

In December, Embassy Reit had said it has raised $501 million through a qualified institutional placement of its units.

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