HT Global IT Solutions Raises US$300 Million Via USD-Denominated Bond Offering — Term Sheet

 
    By Carol Chan 
 
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HONG KONG–HT Global IT Solutions Holdings Ltd., which owns a 71.3% stake in Indian IT service provider Hexaware Technologies Ltd., raised US$300 million via a U.S. dollar-denominated bond offering, according to a term sheet seen Friday by The Wall Street Journal.

The company sold the five-year bonds with a coupon of 7.00%, the term sheet said. The bonds were sold at 99.482% of the principal amount, yielding 7.125%.

The senior secured bonds were expected to be rated Ba3 by Moody’s Investors Service and BB- by both S&P Global Ratings and Fitch Ratings. The notes were secured by Baring Asia Private Ltd.’s equity stake (100%) in HT Global.

HT Global plans to use the proceeds from the bond sale for debt refinancing and to pre-fund the first two years of interest payments on the proposed notes, the term sheet said.

Deutsche Bank, Standard Chartered Bank, ING and UBS were bookrunners on the deal, according to the term sheet.

Write to Carol Chan at carol.chan[a]wsj.com

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