Jio raises Rs 2 billion in offshore loans (India)
Reliance Jio has reportedly raised close to $2 billion in one of the country’s biggest offshore loans in the fiscal year 2023-24 (FY24). HSBC was the lead arranger of the initiative that will help fund recent 5G network gear purchases from Nokia. Earlier, Jio lined up a near-$2 billion offshore loan lead arranged by BNP Paribas; the amount was used to fund 5G network gear purchases from Ericsson.
BCI acquires additional 4.8 per cent stake worth Rs 20 billion in Brookfield’s tower InvIT
The British Columbia Investment (BCI) has acquired an additional 4.8 per cent stake in Brookfield’s tower infrastructure investment trust (InvIT) – Data Infrastructure Trust. The investment was made through a block deal worth around Rs 20 billion. BCI had earlier picked up around 2 per cent stake in the tower InvIT, when Brookfield sold its share through an offer for sale raising Rs 23.31 billion, the first transaction of its kind by an InvIT in India.
Tata Communications plans to raise Rs 17.5 billion via NCDs
Tata Communications Limited has announced its plans to issue non-convertible debentures (NCDs) to raise Rs 17.5 billion. The NCDs will mature three years from the deemed date of allotment, which is August 29, 2023. As per a regulatory filing, the issuance will be done on a private placement basis to eligible investors. A total of 175,000 NCDs with a face value of Rs 100,000 each will be issued by the company.
Kotak Data Centre Fund invests Rs 6 billion in Sify Technologies’ data centre business
Kotak Data Centre Fund, managed by Kotak Alternate Asset Managers Limited (KotakAlt), has announced an investment of Rs 6 billion in Sify Infinit Spaces Limited (SISL), a wholly-owned subsidiary of Sify Technologies Limited. With this transaction, KotakAlt-managed funds’ total equity commitment to SISL is Rs 16 billion, of which Rs 10 billion has been invested to date. The investment is in the form of compulsory convertible debentures, which will be converted into equity based on the operational performance of SISL over a specified reference period.
I Squared Capital likely to acquire 51 per cent stake in ATC’s India unit
US-based I Squared Capital is likely to acquire a minimum of 51 per cent stake in the American Tower Corporation (ATC) India unit, ATC Telecom Infrastructure Private Limited, for an enterprise value of $1.5 billion-$2 billion. The two parties have entered into a 60-day exclusivity agreement for bilateral negotiations for the acquisition. The final deal size will depend on the commercial terms and the quantum of stake that I Squared Capital eventually buys in the company.
Singtel signs agreement to sell 98 per cent stake in Trustwave 
(Singapore)
The Singtel Group has entered into a conditional share purchase agreement with MC2 Titanium to sell its 98 per cent stake in cybersecurity business, Trustwave, for an enterprise value of $205 million. According to the telco, Trustwave will be reclassified as a subsidiary held for sale and will be deconsolidated from the group’s financials. The transaction is expected to be completed by Q4 2023.
KKR acquires 20 per cent stake in Singtel’s data centre business for $806 million
Kohlberg Kravis Roberts & Co. (KKR) has entered into an agreement to acquire a 20 per cent stake in ST Dynamo Investment Holdings, the holding company for Singtel’s regional data centre business, for $806 million. The investment firm will have the option to increase its stake to 25 per cent by 2027 at the pre-agreed valuation.
Globe Telecom raises loan worth $264 million from Metrobank (The Philippines)
Globe Telecom has raised a PHP15 billion ($264 million) loan from the Metropolitan Bank & Trust Company (Metrobank) to finance its capital expenditure this year, as well as for debt refinancing and other general corporate requirements. Globe has already invested PHP37.7 billion in capex in H1 2023, 25 per cent lower than in the same period of 2022.
DITO signs $3.9 billion long-term loan agreement with multinational banks
DITO Telecommunity’s parent company, DITO CME Holdings, has signed a $3.9 billion long-term loan agreement with several multinational banks. In a regulatory filing, DITO CME termed the agreement as one of the largest long-term debts arranged and syndicated by a group of multinational banks for a Philippines-based corporation. According to the company, the funds will be used partly to repay another loan of approximately $1.3 billion, as well as to support DITO Telecommunity’s network expansion and improve the end-user experience.
Buganda to acquire two million shares in Airtel Uganda (Uganda)
Buganda, a kingdom in Uganda, plans to acquire two million shares in Airtel Uganda as part of its initial public offering (IPO). While the UGX200 million ($53,000) purchase is only a small fraction of the eight billion Airtel shares on offer, Buganda is looking to strengthen ties with the operator, which already works with the kingdom to offer mobile services under the K2 Telecom brand.
