Nokia has renewed the lease of 5.11 million square meters21. 10. 2021 Thursday / By: Robert Denes / Industrial / Exact time: BST / Print this page
The Manyata Embassy operates in an area of approximately 12 million square feet. The company recently borrowed Rs 4,600 million in coupon debt at 6.5% interest.New Delhi: Embassy Office Parks REIT has completed the renewal of its lease at the Manyata Embassy in Bengaluru with Nokia India, a Finnish subsidiary of Nokia Solutions and Networks India (Nokia India), the company said in a press release.
Proceeds from the debt increase will be used by the REIT embassy to repay its existing Rs 4,530 million zero-coupon bond. The Bond Committee approved the allotment of a listed, rated, secured, redeemable bond denominated in RON 3100 million. , transferable NCDs through private placement with an average fixed coupon payable quarterly. Of this, Rs 1,100 million represents 7% for five-year NCDs and Rs 2,000 billion for 6.3% for three-year NCDs.
In addition, the REIT Embassy provided an SPV-level term loan from a bank worth Rs 1,500 million with a 6.4% floating coupon. Both proceeds, totaling Rs 4,600 million, will be used for the early refinancing of coupon-free bonds (Series I NCDs). ), which had an average coupon of 9.4% on 2 November 2021. The Embassy REIT will be able to provide about 300 basis points of interest savings per year with this refinancing. Following the refinancing, REIT’s embassy pro forma debt is Rs 11,532 million at 6.8%. interest rate with a maturity of 3.7 years.
The REIT Embassy owns and operates a 42.4 million-square-foot portfolio of eight infrastructure-like office parks and four downtown office buildings in Bengaluru, Mumbai, Pune and the National Capital Region. The company recently borrowed $ 4,600 million in coupon debt at 6.5% interest. Proceeds from the debt increase will be used by the REIT Embassy to repay its existing Rs 4,530 million zero-coupon bond.Via Link