Embassy Office Parks REIT has been successfully allotted ₹300 Crore of transferable and redeemable Non-Convertible Debentures at a 6.80% quarterly coupon for a 5-year tenure. It is primarily going to be used for refinancing existing finance debt of construction.
The Chief financial officer of Embassy REIT, Aravind Maiya says that this is an important milestone in their ongoing efforts to diversify their debt investor base and in continuation of the trend of reduction in debt cost.
First, on 2nd September 2021, the debenture committee approved an issue of non-convertible debentures for an aggregate amount of ₹300 Crore and now the debenture committee has approved their allotment at a 6.80% quarterly coupon.
Embassy Office Parks is India’s first publicly listed REIT, and it is sponsored by global investment firm Blackstone and realty firm Embassy group.
The Non-convertible Debentures are to be listed on Bombay Stock Exchange in the Wholesale Debt Market segment for 60 months from the date of allotment at the rate of 6.80 per annum.
CRISIL (Rating Agency) has also assigned AAA/stable rating to these Non-Convertible Debentures.
The arrangements for the private placements were done by Morgan Stanley and HSBC and the legal counsel on the transaction was handled by Talwar Thakore and Associates.