Shapoorji Pallonji plans $3.3 billion private debt deal

Shapoorji Pallonji Group is aiming to raise up to $3.3 billion through local currency bonds. This move could become India’s largest private credit deal to date. Several well-known private credit funds are involved in this effort. Among them are Ares Management, Cerberus Capital, Davidson Kempner, and Farallon Capital. These firms have all made significant commitments to the deal. As of last week, at least a dozen funds have formally agreed to participate. The bonds will have a three-year term, and discussions are ongoing regarding the final interest rates. The deal is expected to wrap up in the next three to four weeks. Deutsche Bank is the main organizer for the transaction. The funds raised will mainly be used to refinance existing debts. Shapoorji Pallonji Group has not yet commented on this development. The other private credit firms involved have also not responded to requests for comments.