NEW DELHI: Indian automaker Tata Motors has raised $425 million by unsecured offshore bonds at a price of 4.35% to refinance present debt and meet bills, based on a time period sheet of the deal seen by Reuters.
Of the proceeds raised, Tata will use 225 million kilos ($318 million) to refinance present loans and the remainder to satisfy company bills, based on the paper.
The bond, which has been issued for a interval of two and a half years, was over-subscribed by about 5 occasions, based on a supply with direct information of the deal.
Tata Motors did not instantly reply for a request for remark. The corporate owns British luxurious model Jaguar Land Rover
Tata Motors had internet automotive debt of Rs 40,900 crore ($5.6 billion) on the finish of final fiscal 12 months by March 31. The corporate mentioned in 2020 it plans to be internet debt free on the finish of three years.
Financial institution of America, BNP Paribas and ANZ have been the lead managers on the deal, the time period sheet confirmed.
Of the proceeds raised, Tata will use 225 million kilos ($318 million) to refinance present loans and the remainder to satisfy company bills, based on the paper.
The bond, which has been issued for a interval of two and a half years, was over-subscribed by about 5 occasions, based on a supply with direct information of the deal.
Tata Motors did not instantly reply for a request for remark. The corporate owns British luxurious model Jaguar Land Rover
Tata Motors had internet automotive debt of Rs 40,900 crore ($5.6 billion) on the finish of final fiscal 12 months by March 31. The corporate mentioned in 2020 it plans to be internet debt free on the finish of three years.
Financial institution of America, BNP Paribas and ANZ have been the lead managers on the deal, the time period sheet confirmed.