Shapoorji Pallonji Group secures $3.4 billion in private credit deal
MUMBAI: Indian real estate and construction conglomerate Shapoorji Pallonji Group has completed a $3.4 billion financing in the country’s biggest ever private credit deal, according to people familiar with the matter. About a dozen large investors – some using multiple funds – bought zero-coupon rupee bonds that offer a yield of 19.75%, the people said, asking not to be identified because the information is private. The debt matures in three years. Top investors include Ares Management Corp, Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management, people said. Deutsche Bank acted as the sole arranger of the deal…