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Shapoorji Pallonji Group nears $3.4 bn credit deal: report
Disbursement of funds is reportedly expected within days of the agreement’s execution, though the final signing timeline remains subject to change
Shapoorji Pallonji Group is preparing to finalize a $3.4 billion debt agreement, likely by Wednesday evening, The Economic Times reported, citing people familiar with the matter.
If completed, the transaction would be the largest private credit deal in India to date, the report added.
Around a dozen major global investors, including Ares Management Corp., Cerberus Capital Management LP, Davidson Kempner Capital Management, and Farallon Capital Management are part of the financing.
Deutsche Bank is also investing in the transaction and will serve as the sole arranger and trustee, people in the know told ET.
The proposed deal takes the form of a three-year, zero-coupon rupee bond with an annual yield of 19.75%, the report added. The loan-to-value ratio is set at 16%.
Disbursement of funds is reportedly expected within days of the agreement’s execution, though the final signing timeline remains subject to change.
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