Capri Global completes debut dollar debt sale

According to Business Recorder, India's Capri Global Capital has accepted bids totalling $300 million for its first dollar-denominated bond, priced 20 basis points beneath the opening indication. The company disclosed the move in a filing with the bourses on Wednesday. The non-bank lender will issue three-year-and-three-month notes carrying a 7.55% coupon.

Repayment is spread evenly over three dates in 2029, giving the notes an average life of three years. CreditSights put fair value at 7.45%, while Fitch Ratings assigned the senior secured notes an expected rating of BB-(EXP). The deal fits with an earlier statement by managing director Rajesh Sharma that the company would seek a larger share of capital market borrowing.

Capri is the fourth non-bank private lender to raise dollar funding this year, joining Muthoot Finance, Tata Capital and IIFL Finance. The company had held investor calls in June but shelved the issue because pricing fell short of what it had hoped for. Heavy issuance by better-rated Indian lenders had absorbed investor appetite, leaving less room for other borrowers.