Updated: Bharti Airtel tackles debt load with $750m hybrid deal

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By Morgan Davis
09 Oct 2019

Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

Bharti Airtel’s debt holdings have ballooned in recent years. At the end of June 2019, its cash holdings of Rp118bn ($1.66bn) were insufficient to repay short-term debt of Rp218bn, according to a note from rating agency Fitch. For the year ending March 2019, the company’s funds from operations ...

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