India’s Shapoorji Pallonji Group has received binding commitments from a consortium of private credit funds for a significant fundraising effort, which could result in the country’s largest private debt deal to date, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as confirming that, as of last week, at least a dozen funds have submitted binding bids, with prominent names like Ares Management, Cerberus Capital Management, Davidson Kempner Capital Management, and Farallon Capital Management making the largest commitments.
The funds will be raised through local currency bonds with a three-year maturity. Negotiations over the final coupon rate are still in progress, with the deal expected to close in the next three to four weeks, the sources added.
Deutsche Bank has been appointed as the sole arranger for the deal, with proceeds primarily intended for the refinancing of existing debt.
Shapoorji Pallonji Group and the participating funds, including Ares, Cerberus, and Farallon, did not immediately respond to requests for comment. Davidson Kempner and Deutsche Bank also declined to provide further details.
