Summit Digitel raises $500 mn via maiden offshore bonds

MUMBAI: Brookfield-backed Summit Digitel Infrastructure, which supports telecom towers used by Reliance Jio, raised $500 million via overseas bonds that opened for subscription Wednesday.

The proceeds will be used for capital expenditure and repayment of existing high-cost debt. The initial price guidance was 215 basis points over the 10-year US Treasury yield. The price was later tightened significantly amid higher investor demand.

This is supposed to be the borrower’s first issuance in the international bond market.