Brookfield-backed Data Infrastructure Trust (Data InvIT) has successfully raised $941 million through rupee bonds to finance the acquisition of local assets from American Tower Corp (ATC). The bond issue, amounting to Rs 79 billion, is exclusively available to foreign investors, making it a ‘downstream investment’.
The two series of bonds, which will mature in five years, feature a quarterly interest rate of 9.99 per cent, according to the term sheet. Approximately 30 per cent of the total issue, or Rs 23.7 billion, is allocated for anchor investors.
Deutsche Bank, DBS Bank, BNP Paribas, Yash Fund, and Deccan Funding are the anchor investors for the first series of bonds maturing on September 9, 2029. JP Morgan Chase Bank is the anchor investor for the second series, which matures on September 10, 2029, and has a size of Rs 4.98 billion.
Crisil and CareEdge have assigned a AAA rating to the bond issue, noting that the coupon will increase by 25 basis points for each notch downgrade in the rating. In addition to the bond issue, Data Infrastructure Trust plans to raise funds through bank loans and equity to support the acquisition, with rupee term loans and bonds of approximately Rs 49 billion already arranged.
