Mindspace REIT completes Commercial Papers Issuance of `100-cr

Mindspace Business Parks REIT (Mindspace REIT),owner and developer of quality Grade A office portfolio located in four keyoffice markets of India, has completed issuance of Commercial Papers of `100-cr for a maturity of three months atan interest rate of 7.20 per cent per annum. Mindspace REIT’s Commercial Papersare rated CRISIL A1+, the highest rating by CRISIL.

The funds will be utilised towards the workingcapital requirements of Mindspace REIT’s Asset SPVs. Loan to value of MindspaceREIT stood at 16.8 per cent as on 30 September 2022, lowest amongst its peers.

With this move, Mindspace REIT further broadensits debt profile.

Speaking on this funding,Vinod Rohira, CEO, said, “After successfully exploring capital market fundraising through issuance of multiple debentures, we are glad to be the firstIndian REIT to raise funds through Commercial Papers. This is part of ourlarger strategy to diversify our lender base and optimise borrowing costs andmaturity profile of our well-staggered debt book. Going forward, as part of ourlarger ESG commitment, we will also explore opportunities to raise funds viaissuance of green bonds.”
NEWS ----------SEPTEMBER 2018 Issue
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