DLF Cyber City Developers (DCCDL), the rental arm of DLF, has raised Rs 1,000 crore through private placement of listed, secured and redeemable non convertible debentures at 6.7% annual fixed coupon maturing in September 2024. The NCDs has been assigned ‘CRISIL AA/Stable’ rating and will be listed on BSE Limited’s Wholesale Debt Market. The proceeds will be utilised to refinance its existing debt resulting in interest savings and marks DCCDL’s foray into the listed debt capital market and widening its investor base .
DCCDL’s commercial portfolio of ~34 million sq. ft. is spread across 7 cities and and it is the only portfolio in the country with all properties being US Green Building Council (USGBC) LEED Platinum certified and WELL Health-Safety certified. Its offices are the preferred choice for global companies and it has a diverse profile of 1600+ tenants of which 60% are Fortune 500 Companies. The financing demonstrates the strength of DCCDL’s quality cash flow and its ability to raise funds at competitive pricing.
“Our endeavour is to reduce the overall cost of our debt, the successful placement of the NCDs is a resonant endorsement of DLF’s commercial portfolio. The funding sets a benchmark for AA/Stable Rated Listed NCD’s in the Real Estate Sector. It demonstrates the continued trust and faith that investors have in DCCDL platform and we remain committed to creating long term value for all our stakeholders.” said Vivek Anand, group chief financial officer, DLF.
“DCCDL operates one of the largest premium commercial portfolios in the country and we have a track record of Zero default in all our financial obligations. We are constantly optimising our treasury portfolio to reduce costs to achieve better financial efficiencies and placement of NCD’s demonstrates our ability to raise funds from Debt Capital Market and reaffirms the company’s commitment to its stakeholders.” said Sriram Khattar, MD, DLF Rental Business.
