Embassy Office REIT gets Rs 300 cr through NCD issue

08 Sep 2021 CW Team

Embassy Office Parks REIT (Embassy REIT) priced and allotted Rs 300 crore in rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures (NCDs) with a 5-year term through a private placement.

This is a significant step forward in Embassy REIT's ongoing efforts to diversify our debt investor base, as well as a continuation of our trend of lower debt costs, according to Aravind Maiya, the company's chief financial officer.

The debenture committee of the board of directors of the manager to Embassy REIT approved an issue of NCDs for a principal aggregate amount of up to Rs 300 crore on 2nd September 2021, and the debenture committee of the board of directors of the manager to Embassy REIT approved the allotment of these NCDs at a 6.80% quarterly coupon earlier today.

These NCDs have been assigned a AAA/Stable rating by the rating agency CRISIL.

The funds will be used to refinance existing construction finance debt, resulting in a 110 basis point positive refinance spread, according to the company.

Morgan Stanley and HSBC functioned as arrangers on the private placement, with Talwar Thakore and Associates acting as legal counsel.

The Embassy REIT is the first publicly traded Real Estate Investment Trust (REIT) in India. In India's best-performing office markets of Bengaluru, Mumbai, Pune, and the National Capital Region (NCR), Embassy REIT owns and operates a 42.4 million square foot (MSF) portfolio of eight infrastructure-like office parks and four city-centre office buildings. Embassy REIT's portfolio includes 32.3 million square feet of completed operating space and is home to more than 190 of the world's most prestigious companies. Two operational business hotels, four under construction hotels, and a 100MW solar park supplying renewable energy to tenants are among the portfolio's strategic amenities.

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