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

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.

  • By Morgan Davis
  • 09 Oct 2019
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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Rank Arranger Share % by Volume
1 Bank of China (BOC) 20.52
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 China Merchants Bank Co 12.91
4 China Merchants Securities Co 9.91
5 Agricultural Bank of China (ABC) 6.01

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Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 11,530.84 52 7.09%
2 CITIC Securities 11,103.42 63 6.83%
3 Morgan Stanley 9,397.60 58 5.78%
4 China International Capital Corp Ltd 9,334.63 55 5.74%
5 UBS 9,318.80 71 5.73%

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Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,885.47 252 8.40%
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3 JPMorgan 16,145.00 117 4.70%
4 Standard Chartered Bank 15,766.62 158 4.59%
5 Bank of America Merrill Lynch 12,496.06 94 3.64%

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