MUMBAI: Rolta India Limited ("Rolta") today announced the successful pricing of 10.75% Senior
Notes (the "Notes") in the international markets, aggregating to USD 200 million by its
wholly owned subsidiary, Rolta, LLC. This offering was oversubscribed by 2 times, with
demand from a high quality investor base (over 70 accounts globally), split among asset
managers (72%), banks (10%), and retail accounts (18%). The offering was well-subscribed
across geographies, with Asia contributing to 47% of the demand, and US contributing to
43% of the demand. European investors accounted for 10% of demand.
The Notes have a tenure of 5 years and are guaranteed by Rolta and its subsidiaries,
Rolta International, Inc., Rolta Middle East FZ-LLC, and Rolta U.K. Ltd. The Notes have
been rated as BB- (S&P) and BB- (EXP) (Fitch). The proceeds from the Notes will be used
for refinancing existing debt, to meet working capital requirements and for general
corporate purposes. The Notes will be listed on the Singapore Exchange Securities Trading
Ltd. (SGX-ST).
Commenting on the offering, Mr. K. K. Singh, Chairman and Managing Director of Rolta
said, "We are very pleased to have set a new benchmark by successfully completing this
offering, one of the first few high-yield bond issuances of its kind. We are also
privileged to note the confidence that some of the world's largest and most sophisticated
investors have placed in us."
Barclays, Citigroup, DBS and Deutsche Bank acted as the Joint Lead Managers to the
Notes offering. DLA Piper and Davis Polk were US counsels to Rolta and to the Joint Lead
Managers, respectively, while AZB and Trilegal advised Rolta and the Joint Lead Managers,
respectively, on matters of Indian law.
About Rolta:
Rolta is a leading provider of innovative IT solutions for many vertical segments,
including Federal and State Governments, Defense/Homeland Security, Utilities, Process,
Power, Financial Services, Manufacturing, Retail, and Healthcare. By uniquely combining
its expertise in the IT, Engineering and Geospatial domains, Rolta develops exceptional
solutions for these segments. The Company leverages its industry-specific know-how, rich
repository of intellectual property that spans photogrammetry, image processing,
geospatial applications, business intelligence, analytics, field-proven solution
frameworks, and deep expertise in cutting-edge technologies like Geo BI, Cloud computing,
Software Defined Infrastructure and Big Data for providing sophisticated enterprise-level
integrated solutions. Rolta is a multinational organization headquartered in India. The
Company operates from 40 locations worldwide through its subsidiaries, and has executed
projects in over 45 countries. The Company benchmarks its quality processes to the world's
best standards, like successful assessment for Software Application Development and
Maintenance at the highest Level 5 of SEI's CMMI(R) version 1.3. Rolta is listed on the
Bombay Stock Exchange & National Stock Exchange, and forms part of various indices on
BSE/NSE in India. The Company's GDRs are listed on the Main Board of London Stock
Exchange.
This announcement does not constitute an offer to sell or the solicitation of an offer
to buy any securities in the United States or any other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The securities referred to herein will not be
registered under the United States Securities Act of 1933, as amended (the "Securities
Act") and may not be offered, sold or delivered in the United States except pursuant to an
exemption from, or a transaction not subject to, the registration requirements of the
Securities Act. Accordingly, the Notes are being offered and sold in the United States
only to Qualified Institutional Buyers in reliance on Rule 144A under the Securities Act
and outside the United States reliance on Regulation S under the Securities Act. Any
public offering of securities to be made in the United States will be made by means of a
prospectus. Such prospectus will contain detailed information about the company making the
offer and its management and, financial statements. There will be no public offering of
securities in the United States. A rating or expected rating is not a recommendation to
buy, sell or hold the notes and may be subject to suspension, reduction or withdrawal at
any time by the rating agency.
Primary Media Contact: Hiranya Ashar, Director Finance and CFO, hiranya.ashar@rolta.com, 91-22-29266666
Secondary Media Contact: Atul Tayal, JMD and COO Domestic Operations, Member of the Board, adtayal@rolta.com, 91-22-29266666
Photo: http://photos.prnewswire.com/prnh/20121023/570667
