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Bharti Airtel Repays 5.35% 2024s Out of Cash Reserves
May 21, 2024
Bharti Airtel confirmed that its subsidiary Bharti Airtel International (Netherlands) BV has fully repaid the 5.35% bond that matured on May 20, according to a press statement. The company added that the $550mn payment was made solely out of cash reserves at the holding company. The company is trying to reduce its external foreign currency borrowing and has reached a zero-debt position at Holdco level, according to the company’s statement. The company has dollar denominated debt of $3.25bn outstanding, that includes two perps with its 5.65% Perp’s first call date approaching in January 2025.
Bharti Airtel’s dollar bonds traded stable with its 4.375% 2025s at 98.65 cents on the dollar, yielding 5.72%.
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