SP group firm Goswami’s high-yield debt sees ratings cut
6 months, 3 weeks ago

SP group firm Goswami’s high-yield debt sees ratings cut

Live Mint  

Financing plans of Shapoorji Pallonji group have received a setback with Care Ratings cutting the credit rating of group company Goswami Infratech Pvt. “The rating continues to remain tempered by the low operating cash flows of GIPL, with the entity being holding company and no major cashflow in form of interest/dividend either received in past or expected in the period going forward and inherent market related risk impacting the market value of direct and indirect investments of credit option provider,” added Care. These NCDs included a special clause called 'most favoured nation', suggesting that if any SP Group affiliate borrows at a higher rate after 26 May 2024, Goswami Infratech must offer the same return to its bondholders. The latest rating revision comes at a time when the group is at an advanced stage of refinancing the 2021 bonds issued by SP group's other promoter holing company SICPL, against its 9.1% shareholding in Tata Sons.

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History of this topic

PFC board declines SP Group’s ₹20,000-crore loan proposal
1 month, 2 weeks ago

PFC board declines SP Group’s ₹20,000-crore loan proposal

Live Mint  

Mumbai: State-run Power Finance Corporation has decided not to go ahead with the ₹20,000-crore loan proposal to Shapoorji Pallonji Group, PFC Chairman Parminder Chopra said on a call with analysts on Friday. In this context, we can appreciate the concerns expressed by the Board of PFC in being the sole financier for such a large amount.” Alternatives being explored The …

Shapoorji Pallonji Group seeks up to $2.4 bn from lenders to refinance debt
9 months ago

Shapoorji Pallonji Group seeks up to $2.4 bn from lenders to refinance debt

Business Standard  

It’s also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people said | File image By Saikat Das Shapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as Rs 20,000 crore, according to people familiar with the matter. It’s also gauging interest from Davidson Kempner Capital …

SP group firm’s bond offers 16-17% yield but here’s the risk
1 year, 4 months ago

SP group firm’s bond offers 16-17% yield but here’s the risk

Live Mint  

The news of Goswami Infratech Pvt. “The new NCD issuance is proposed to be backed by monetization events comprising of port assets as well as Afcons Infrastructure Ltd wherein Goswami Infratech holds stake in the form of compulsorily convertible preference shares. Mint For bond holders though, there is back-up in the form of a letter of comfort from another SP …

SP raises ₹ 14,300 crore via high-yield debt
1 year, 5 months ago

SP raises ₹ 14,300 crore via high-yield debt

Live Mint  

MUMBAI : Shapoorji Pallonji Group has raised ₹14,300 crore from a clutch of private credit investors and high-net-worth individuals, pledging its shares in Tata Sons Ltd as collateral, primarily to refinance its debt, two people familiar with the development said. The group raised funds from private credit investors, including Cerberus Management, Davidson Kempner, and Varde Partners, and foreign banks such …

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