Summit Digitel raises $500 million through offshore bonds

Summit Digitel Infrastructure has raised $500 million via overseas bondsthat opened for subscriptionon August 4, 2021.

In addition to capital expenditures, the proceeds will go towards paying off high-cost debt. The initial price guidance for the bonds was set at 215 basis points over the 10-year US treasury yield. A higher investor demand subsequently tightened the price significantly.

This isSummit Digitel’s first issuance in the international bond market. Bank of America, Barclays Citigroup, and HSBC helped the company to raise the funds.

The bonds with a 10-year maturity were finally priced after adding 187.5 basis points over the US treasury benchmark.