Embassy REIT raises ₹1,550 crore of debt
NEW DELHI: Embassy Office Parks REIT (Embassy REIT) has raised ₹1,550 crore through a combination of non-convertible debentures (NCDs) and term loan facilities. The proceeds will be used to refinance certain existing debt, resulting in annual interest savings of approximately 113 basis points (bps). The fund raise comprises ₹750 crore via Embassy REIT Series XIV NCDs, priced at a coupon of 6.97%, and a ₹800 crore term loan from a bank that is priced at a floating interest rate of 7.40% over a 15-year tenor. The NCDs, which received robust demand from institutional investors, especially mutual funds, were priced 6…