Persistent Systems is preparing to issue non-convertible debentures to fund the acquisition of Nagarro SE, with the offering expected to launch as early as next week. The transaction builds on a previous equity raise that brought in roughly $450 million through a qualified institutional placement. Underwritten by HSBC and Barclays, the notes will carry an average maturity of three years alongside a small allotment of one-year commercial paper.
Key points
Proceeds from the multi-tranche debentures will primarily refinance an interim bridge loa…: Proceeds from the multi-tranche debentures will primarily refinance an interim bridge loan secured from Barclays.
The combined fundraising efforts provide the full capital backing required for the $1.25…: The combined fundraising efforts provide the full capital backing required for the $1.25 billion acquisition.
Long-tenure paper from the offering may also be allocated toward general corporate purpos…: Long-tenure paper from the offering may also be allocated toward general corporate purposes.
Sources checked by our analysis pipeline: 1
The debt could be raised as early as next week as the IT company aims to complete its acquisition announced in June.
"This is the second part of the fundraising after the company raised ₹4,264 crore through a QIP (qualified institutional placement) of shares earlier this week. The NCDs will be of various tenures matching the cash flows of the company starting from a year going up to five years with an average maturity of about three years," said a person familiar with the details.
The Patna Municipal Corporation is set to launch ₹200 crore worth of municipal bonds, with bids opening on October 30. This move marks Bihar's inaugural bond issuance, sparking renewed enthusiasm for municipal bonds. Meanwhile, Kanpur Nagar Nigam is also gearing up to issue ₹125 crore soon. Early interest from investors like HUDCO and NaBFID indicates a growing momentum in the bond market, supported by governmental efforts to boost urban financing.
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