Existing lenders may join SP Group’s $2.5-bn raise

SOME OF THE global funds which participated in Shapoorji Pallonji (SP) Group’s last round of borrowing may join in once more as the conglomerate gears up for another major fundraising exercise.

- RAGHAVENDRA KAMATH & NESIL STANEY

People familiar with the mattersaid some of the investors suchas Cerberus Capital,Ares Management, Farallon Capital Management and Davidson Kempner Capital Management—all key participants in the group’s previous debt raise earlier this year—are likely to return forthe newround.

The SP Group is planning to raise about $2.5 billion early next year to refinance the debt of Goswami Infratech, its holding arm that backs the group’s stake in Tata Sons. The debt is due for maturity in April 2026, prompting it to move swiftly to lock in new funding. Company executives are scheduled to meet investors in Singapore this weekas part of this effort.