Cube Highways Trust raises Rs 820 crore through bonds

New Delhi, Aug 20 ( PTI) Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors Pvt. Ltd, on Wednesday said it has raised Rs 820 crore through an issue of bonds.

"Cube Highways Trust announces the successful closure of its latest bond issuance, securing investor interest with bids amounting to Rs 820 crores across two tenors -- 3.5 years and 10 years -- at competitive rates," it said in a statement.

Cube InvIT's Board approved the allotment of 82,000 Non-Convertible Debentures (NCDs) with a face value of Rs 1 lakh each, aggregating to Rs 820 crore on a private placement basis on August 20, 2025, the statement added.

The 3.5 years NCDs with a maturity date of 20 February 2029 were issued at a coupon of 6.9300% while the 10 years NCDs with a maturity date of 20 August 2035 were issued at a coupon of 7.3015 per cent.

According to the statement, the proceeds from this issue will primarily be used to repay the existing indebtedness.

"Following this transaction, fixed rate borrowings will constitute 33.4% of Cube InvIT's obligations," it said.

ICRA Limited and India Ratings C Research Private Limited have assigned a rating of AAA/Stable to the Debt Securities.

Trilegal and Cyril Amarchand Mangaldas served as legal advisors for the issuance. Catalyst Trusteeship Limited acted as the debenture trustee. The issue will be listed in the wholesale debt market segment of BSE Limited.

Cube Highways Trust is backed by a diversified investor base, including I Squared Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi's sovereign investor Mubadala Investment Company. PTI BKS MR