Capri Global Capital approves US$300m senior secured notes at 7.55%
- Capri Global Capital approved US$300 million in 7.55% Senior Secured Notes due 2029
- Notes expected to be rated Ba3 by Moody's and BB- by Fitch
- Issuance occurs under the US$1 billion GMTN Programme with settlement on September 9, 2026
- Proceeds will be used for onward lending as permitted by RBI regulations
- Securities will be listed on India INX and NSE IFSC
*this image is generated using AI for illustrative purposes only.
Capri Global Capital approved the pricing and terms for a US$300 million issuance of 7.55% Senior Secured Notes due 2029. The company executed the approval via circular resolution on September 1, 2026, under its existing global medium term note programme.
The notes are expected to receive a Ba3 rating from Moody's and a BB- rating from Fitch. Settlement is scheduled for September 9, 2026, with the instruments to be listed on the Global Securities Market segment of the India International Exchange (IFSC) Limited and NSE IFSC Limited.
Deal Structure and Terms
The issuance falls under the US$1 billion GMTN Programme and complies with Regulation S and Rule 144A of the U.S. Securities Act of 1933. Interest payments will commence on June 9, 2027, occurring semi-annually on June 9 and December 9 until maturity.
| Term | Detail |
|---|---|
| Issue Size | US$300 million |
| Coupon Rate | 7.55% fixed per annum |
| Maturity Date | December 9, 2029 |
| Weighted Average Life | 3 Years |
| Credit Ratings | Ba3 (Moody's), BB- (Fitch) |
Security and Redemption
The notes are secured by a first-ranking pari passu charge over the issuer's standard receivables, book debts, loan book, unencumbered cash balances, and investments in mutual funds or debt securities. This security covers both present and future assets, excluding specific receivables defined in the offering documents.
Redemption at par will occur through three equal amortisation tranches during the final quarter of the instrument's life:
- June 9, 2029: 33.33%
- September 9, 2029: 33.33%
- December 9, 2029: 33.33%
Use of Proceeds and Compliance
Proceeds from the issue will be utilized for activities permitted under Reserve Bank of India regulations, including onward lending, subject to applicable ECB Guidelines. The management committee submitted the pricing supplement to India INX and NSE IFSC as part of compliance with SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.
What the Numbers Show
The 7.55% coupon rate reflects the cost of capital for this sub-investment grade debt instrument, consistent with the anticipated Ba3/BB- credit ratings. The structured amortisation schedule in the final quarter indicates a planned reduction in outstanding principal exposure rather than a bullet repayment, which may align with the maturity profile of the underlying loan book securing the notes.
Historical Stock Returns for Capri Global Capital
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.17% | +7.08% | +7.97% | +57.13% | +35.36% | +108.79% |
How might the 7.55% coupon rate compare to emerging market debt benchmarks in 2026, and what does this imply about investor appetite for sub-investment grade Indian financials?
What impact will the structured amortization schedule in late 2029 have on Capri Global Capital's liquidity management and refinancing strategies during that period?
Could the listing of these notes on the India International Exchange (IFSC) signal a broader trend of Indian NBFCs utilizing IFSC for international fundraising, and how might this affect domestic capital markets?
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