Bharti Airtel raises $750 m via maiden issue of perpetual bonds

Telecom major Bharti Airtel has achieved a new milestone with its inaugural hybrid securities offering, raising $ 750 million in the international markets through its 100 per cent owned Mauritius-based subsidiary Network i2i Limited.

The is the first subordinated perpetual securities issue by an investment-grade corporate out of India. Bharti Airtel has guaranteed the hybrid securities, which have been priced at a yield of 5.650 per cent under Rule 144A/Regulation S offering.

A RegS status means that the securities need not be registered with the US Securities and Exchange Commission. Also, Rule 144A offering enables the securities (perpetual securities) to still be sold to institutional investors in the US, sources in the investment banking industry said.