Varanasi-Aurangabad Highway Raises $316 Million via Dollar Bonds

27 Feb 2025 CW Team

Varanasi-Aurangabad NH-2 Tollway Private Limited (VAH) has raised $316.3 million through a dollar-denominated bond issuance, becoming the first Indian road concession company to secure US dollar debt with an investment-grade rating from Moody’s and Fitch.

The bonds, maturing in nearly nine years with a 5.9% interest rate, will be used for refinancing and capital expenditure. The issuance saw strong global investor interest, with the order book reaching Rs 275 billion, oversubscribed by 10.4 times, attracting 144 investors worldwide.

Deutsche Bank acted as the sole global coordinator for the transaction. VAH is fully owned by the ROADIS Group, the road investment platform of PSP Investments, a Canadian pension fund manager. The company is responsible for the six-lane expansion, operations, and maintenance of the 192 km Varanasi-Aurangabad highway under the DBFOT toll model as part of NHDP Phase-V.

(The Indian Express)

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