Cube Highways Trust Secures Over Rs 1,150 Crore Via Non-convertible Debentures

Cube Highways Trust has raised Rs 1,152 crore through AAA-rated non-convertible debentures in two tenors. The three-year series raised a subscription of approximately 2.6 times, while the seven-year series had a subscription of around 2 times. This move aims to diversify funding sources and refinance existing loans.

On Friday, Cube Highways Trust announced raising Rs 1,152 crore using AAA-rated non-convertible debentures across two tenors. This transaction marks a substantial step in funding and refinancing existing rupee loans.

The Cube InvIT, managed by Cube Highways Fund Advisors Pvt Ltd, stated that a three-year series was offered at a 7.2503 per cent coupon premium over face value, receiving a subscription of approximately 2.6 times the offer.

The seven-year series was raised at a 7.3006 per cent coupon with a subscription of about 2 times. Institutional investors included mutual funds, insurance companies, and a non-banking finance company, broadening Cube InvIT’s financing sources, according to CEO Vinay Sekar.