MUMBAI, India, July 18, 2014 /PRNewswire/ --
- Second successful USD Bond offering in less than 15 months
- Built Order Book of over USD 2.4 billion
- USD 300 million offering oversubscribed by more than 8 times
- Overwhelming response from 200+ high quality investors across US, Europe and Asia
Rolta India Limited ("Rolta") today announced the successful pricing of 8.875% Senior Notes (the "Notes") in the international markets, aggregating to USD 300 million by its wholly owned subsidiary, Rolta Americas LLC. This offering was oversubscribed by more than 8 times with Order Book of over USD 2.4 billion with demand from a high quality investor base (over 200 accounts globally), split among asset managers (79%), banks (12%), and others (9%). The offering was well-subscribed across geographies, with Asia contributing to 47% of the demand, US contributing to 35% of the demand and European investors accounted for 18% of demand.
The Notes have a tenure of 5 years and are guaranteed by Rolta and its key subsidiaries. The Notes have been rated as S&P: BB- / Fitch: BB-.
The proceeds from the Notes will be used for refinancing existing debt, to meet working capital requirements and for general corporate purposes. The Notes will be listed on the Singapore Exchange Securities Trading Ltd. (SGX-ST).
Commenting on the success of the offering, Mr. K. K. Singh, Chairman and CEO of Rolta said, "We are very pleased to have received such an overwhelming response from investors once again. It is very gratifying that Rolta's business model and its IP-led solutions approach have inspired confidence in some of the world's largest and most sophisticated investors."
Barclays and Citigroup, acted as the Joint Lead Managers to the Notes offering. DLA Piper and Davis Polk Wardwell were US counsels to Rolta and to the Joint Lead Managers, respectively. Trilegal advised the Joint Lead Managers on matters of Indian law.
About Rolta: Rolta is a leading provider of innovative IT solutions for many vertical segments, including Federal and State Governments, Defense, Homeland Security, Utilities, Oil & Gas, Financial Services, Manufacturing, Retail, and Healthcare. By uniquely combining its expertise in the IT, Engineering and Geospatial domains, Rolta develops exceptional solutions for these segments. The Company leverages its industry-specific know-how, rich repository of field-proven intellectual property that spans photogrammetry, image processing, geospatial applications, Business Intelligence, Big Data analytics, Cloud computing, and Software Defined Infrastructure for providing sophisticated enterprise-level integrated solutions. Rolta is a multinational organization headquartered in India. The Company operates from 40 locations worldwide through its subsidiaries, and has executed projects in over 45 countries. Rolta is listed on the Bombay Stock Exchange and National Stock Exchange. The Company's GDRs are listed on the Main Board of London Stock Exchange. The Company's 'Senior Notes' are listed on Singapore Stock Exchange.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or delivered in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered and sold in the United States only to Qualified Institutional Buyers in reliance on Rule 144A under the Securities Act and outside the United States reliance on Regulation S under the Securities Act. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and, financial statements. There will be no public offering of securities in the United States. A rating or expected rating is not a recommendation to buy, sell or hold the notes and may be subject to suspension, reduction or withdrawal at any time by the rating agency.
For additional information about Rolta please visit http://www.rolta.com, or contact:
Director Finance & Chief Financial Officer
Joint Managing Director &COO - Domestic
SOURCE Rolta India Limited