indian-telecom-tower-operator-issues-lowpremium-cb

Indian telecom tower operator issues low-premium CB

GTL Infrastructure is able to upsize the deal to $250 million after attracting $1 billion worth of demand.
GTL Infrastructure, an Indian operator of telecommunication towers, last night raised $250 million from the sale of five-year, zero coupon convertible bonds, which provided further evidence of how starved investors are for CBs at the moment.

Only eight CBs have come to market over the past two months and, of those, only two have been from India. This is leading to significant pent-up demand û especially since the equity markets continue to rally. GTL initially offered $200 million worth of bonds plus a $50 million greenshoe, but after seeing the level of demand available, the company together with joint bookrunners Citi and Standard Chartered Bank decided to increase the base size by another $50 million...
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