Vodafone Idea unit cuts bond sale issue size to $359 million?

Vodafone Idea Telecom Infrastructure has slashed the size of its planned bond sale, two sources aware of the matter said on Thursday, citing expectations of securing cheaper funding from lenders, Reuters reported on Thursday.

- FPJ News Service

The unit will now raise around 32 billion rupees ($359 million) through bond sales, down from 50 billion rupees, the sources added. The company will raise a chunk of the debt via two-year bonds at a yield of around 12%, and the remaining through three-year and two-month bonds at a yield of about 14%. It will aim to complete the placement before the end of December. Both the