Moradabad Bareilly Expressway Limited (MBEL), the SPV incorporated by IL&FS Transportation Networks Limited (ITNL), has refinanced its debt availed for the implementation of the Moradabad-Bareilly four-laning highway project (NH-24). Earlier, of the total cost, Rs 13.18 billion was the debt contribution jointly arranged by IL&FS Financial Services Limited and the Bank of Baroda (BoB). The debt facility was provided by BoB as the lead bank in consortium with four other banks. The equity contribution by the promoter was Rs 2.21 billion and the grant provided by NHAI as equity support was Rs 4.43 billion. But now, the project will be funded through a senior debt of Rs 17.12 billion via an issue of non-convertible debentures at a weighted average coupon of 10.17 per cent per annum.