Indiabulls Housing Plans To Raise $350 Mln Via Social Bonds

The $350 million secured bond will offer a coupon of 9.70% and Indiabulls Housing will use the proceeds for onward lending
Indiabulls Housing Plans To Raise $350 Mln Via Social Bonds

Indiabulls Housing Finance Ltd. plans to raise $350 million through the USD-denominated senior secured social bonds.

The company’s securities issuance and investment committee approved the issuance of USD bonds, its pricing, tenure and other terms, Indiabulls Housing said in a stock exchange announcement. The settlement date will be 3 April.

The $350 million secured bond will offer a coupon of 9.70%, which is payable semi-annually in arrears on 3 January and 3 July until the final maturity date of 3 July 2027.

The housing finance company plans to use the proceeds for onward lending.

Indiabulls Housing said it also executed the subscription agreement for the issuance of bonds with Barclays Bank, CLSA, Deutsche Bank, Elara Capital, Emirates NBD Bank, Nuvama Financial Services (UK) and UBS as managers.

Under the past, the company will issue the bonds and the managers will subscribe and pay for, or to procure subscribers, it said.

The bond issuance will be subject to compliance with applicable laws and regulations.

The bonds are expected to be listed on the global securities market of the India International Exchange (IFSC) Ltd.

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