Capri Global completes debut dollar debt sale
MUMBAI: India’s Capri Global Capital has accepted bids worth $300 million for its debut dollar bond offering at 20 basis points below the initial price guidance, the company said in a notice to stock exchanges on Wednesday. The non-banking financial company will sell 3-year-and-3-month bonds at 7.55% coupon. Bonds will have a weighted average life of three years, with equal redemption in June…
Mumbai: India's Capri Global Capital has sold $300 million worth of bonds in its first dollar bond issuance, priced 20 basis points below the initial target. The non-banking financial company will issue three-year and three-month bonds with a 7.55% coupon rate. The bonds have a weighted average maturity of three years, with equal redemption dates in June, September, and December 2029.
Market research firm CreditSights had estimated the fair value of the bonds at 7.45%. Fitch Ratings has given the dollar-denominated senior secured bonds an expected rating of 'BB-(EXP)'. Capri Global is the fourth non-bank private lender to raise dollar funding in 2026, after Muthoot Finance, Tata Capital, and IIFL Finance. Earlier this year, Capri Global's managing director Rajesh Sharma had expressed the company's intention to increase its reliance on capital market funding.
In June, the company had held investor meetings but ultimately decided against proceeding with the bond sale due to less favorable pricing compared to their expectations.
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