Rolta India Limited (“Rolta”) announced the successful pricing of 8.875% Senior Notes (the “Notes”) in the international markets, aggregating to USD 300 million by its wholly owned subsidiary, Rolta Americas LLC. This offering was oversubscribed by more than 8 times with Order Book of over USD 2.4 billion with demand from a high quality investor base (over 200 accounts globally), split among asset managers (79%), banks (12%), and others (9%). The offering was well-subscribed across geographies, with Asia contributing to 47% of the demand, US contributing to 35% of the demand and European investors accounted for 18% of demand.
The Notes have a tenure of 5 years and are guaranteed by Rolta and its key subsidiaries. The Notes have been rated as S&P: BB- / Fitch: BB-.
The proceeds from the Notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes. The Notes will be listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).
Commenting on the success of the offering, K. K. Singh, Chairman and CEO of Rolta said, “We are very pleased to have received such an overwhelming response from investors once again. It is very gratifying that Rolta’s business model and its IP-led solutions approach have inspired confidence in some of the world's largest and most sophisticated investors.” Barclays and Citigroup, acted as the Joint Lead Managers to the Notes offering. DLA Piper and Davis Polk Wardwell were US counsels to Rolta and to the Joint Lead Managers, respectively.Trilegal advised the Joint Lead Managers on matters of Indian law.
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