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Bharti Prepays $697mn of Spectrum Liabilities; Redeems $1bn 5.65% Perp
March 27, 2025
Bharti Airtel has prepaid INR 59.8bn ($697mn) of high-cost spectrum liabilities and voluntarily exercised the call option to redeem $1bn of its outstanding dollar perp. This move fully clears its 8.65% interest liabilities from the 2024 spectrum auctions. The company has now prepaid INR 259.8bn ($3bn) in spectrum dues for FY2025 and INR 666.6bn ($7.8bn) in total. This reduces its debt burden significantly, cutting its average interest rate from 9.74% to 7.22% on the remaining INR 520bn ($6.1bn) in spectrum liabilities, which are payable until FY2042. Additionally, its subsidiary, Network i2i Ltd., announced that it will exercise the call option to redeem its $1bn 5.65% Perp.
Bharti’s dollar bonds traded stable with its 3.25% 2031s at 90.5, yielding 5.07%.
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