Shapoorji Pallonji Group closes Rs 25,400 crore financing by mid-May with 18.75% annual coupons. The major fundraising under Project Ascent combines USD bonds and loans from global investors including BlackRock and BFAM, along with domestic and foreign banks. Pricing increased from initial guidance of 16.5-17% due to geopolitical risks and tighter funding conditions. Proceeds will refinance Rs 16,500 crore of rupee bonds at Goswami Infratech and partially repay Porteast bondholders. The borrowings are secured against the group's 18.38% stake in Tata Sons. Additionally, the group seeks bondholder approval to temporarily raise the loan-to-value covenant threshold to 40% from 34% for three months amid market volatility. Previous investors in similar transactions included major global funds such as Farallon Capital, Cerberus, and Ares Management.
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