Capri Global Capital Ltd, a non-banking financial company, has completed its first US dollar bond issuance, raising $300 million through Senior Secured Notes maturing in 2029.
The bonds carry a coupon of 7.55% a year. The issue was oversubscribed by more than 2.3 times, with the order book exceeding $700 million.
Issue attracts global investors
The transaction was managed by a consortium of global banks comprising Barclays, Citi, Deutsche Bank, Emirates NBD and UBS.
The issue attracted 64 investors and saw a high allocation to global real money investors, the company said.
US investors lead allocation
Investors from the US accounted for 49% of the allocation, followed by Asia at 39% and EMEA at 12%.
Asset managers and fund managers accounted for 91% of the allocation. Insurance companies received 5%, while banks, private banks and other investors accounted for the remaining 4%.
Company diversifies funding sources
“As we continue to scale and grow, this debut US dollar bond issuance marks a significant step forward,” Capri Global Capital, Managing Director, Rajesh Sharma, said.
“The strong response from marquee international investors is a validation of our credit strength and business model, allowing us to successfully diversify our funding sources across domestic and global pools of capital,” he said.
Focus on sustainable expansion
The successful issuance will increase Capri Global’s access to international sources of funding alongside its domestic funding base.
The company said the transaction supports its objective of diversifying funding sources and strengthening its ability to pursue sustainable expansion.