IL&FS Transportation arm re-finances Rs 715 cr debts via NCDs

NEW DELHI, Feb 15: IL&FS Transportation Networks today said its subsidiary Hazaribagh Ranchi Expressway Ltd has re-financed debts amounting to Rs 715 crore through issuance of non-convertible debentures (NCDs).

“The Hazaribagh Ranchi Expressway Limited, a subsidiary of the company, has re-financed its debts including senior debt amounting to Rs 715 crore availed for development of section of NH-33… In the state of Jharkhand by issue of non- convertible debentures,” IL&FS Transportation Networks Ltd said in a BSE filing.

The company added that the NCDs carry a weighted average coupon rate of 8.56 per cent payable semi-annually resulting in savings of approximately 282 basis points in interest cost.

The project was completed on January 27, 2013 and receives from NHAI a semi-annual annuity of Rs 64.08 crore for a period of 15.5 years effective September 15, 2012.