Key Points
Mumbai: Australian investor Macquarie and American private equity firm KKR are in talks with local lenders to collectively raise around Rs 8,500 crore (approximately $1 billion) in fresh loans for their respective roads businesses in India, sources aware of the development told ET...
Macquarie is raising around Rs 6,100 crore of loans to refinance the existing debt of its toll-operate-transfer (TOT) bundle, the first and the most valued such bundle to be sold by the National Highways Authority of India (NHAI) in 2018 for a winning bid of Rs 9,681.5 crore..
Through the Highway Infrastructure Trust, an infrastructure investment trust (InvIT), KKR is seeking to raise around '2,400 crore through a mix of loans and bonds, which will be used to fund the acquisition of six road projects spread across Haryana and Karnataka...
"Macquarie is in talks to tie up financing of around Rs 6,100 crore from ICICI Bank, National Investment and Infrastructure Fund (NIIF)-sponsored infra lending arm Aseem Infrastructure Finance, and PSU lender IIFCL," said one of the sources cited above..
The existing lenders that will get repaid include HDFC Bank, Yes Bank and State Bank of India (SBI), the source said, adding that the new loans have a longer tenure of 20 years and will likely result in interest cost savings to the tune of 50-100 basis points..
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