New Delhi, India, April 28, 2025: Cube Highways Trust Cube InvIT , managed by Cube Highways Fund Advisors Pvt. Ltd., announces the successful closure of its latest bond issuance, securing strong investor interest with bids amounting to ₹1,152 crores across two tenors – 3-Year and 7-Year – at competitive pricing.
The 3-Year Series was raised at a coupon of 7.2503% with a premium over face value and subscription of ~2.6x the offer, for refinancing of existing rupee loan. The final participants included 5 Mutual Funds and a Non- Banking Finance Company.
The 7-Year Series has been raised at coupon of 7.3006% with a premium over face value and a subscription of ~2x the offer, for refinancing of existing rupee loan. The final participants included 4 Insurance Companies, a Pension Fund and a Non-Banking Finance Company.
Commenting on the transaction, Pankaj Vasani, Group CFO of Cube InvIT, said, “The proceeds from this transaction are proposed to be used to refinance existing floating rate loans (thus does not increase overall debt outstanding) and aligns with our strategy of locking in fixed rate borrowings during favourable movement of the interest rate cycle. Following this transaction, fixed rate borrowings will constitute 28% of our obligations and will lead to reduction in the Trust’s overall borrowing cost by 12 bps.”
Vinay Sekar, CEO of Cube InvIT, said, “We are pleased to welcome several marquee insurers, mutual and pension funds to our investor family as a part of this transaction. This will further diversify Cube InvIT’s funding sources, complementing existing relationships with banks, multilateral and development finance institutions. The strong interest from the capital markets is a validation of Cube Highways Trust’s position as a leading highways infrastructure platform with a stable high-quality portfolio, best-in-class management team and robust governance.”
Leave a Reply