Tata Motors raises $425 mn in offshore bonds to pare debt, meet expenses

Indian automaker Tata Motors has raised $425 million through unsecured offshore bonds at a charge of four.35% to refinance present personal debt and meet bills, in accordance to a time period sheet of the deal witnessed by Reuters.

Of the proceeds raised, Tata will use 225 million pounds ($318 million) to refinance present financial loans and the relaxation to meet company bills, in accordance to the paper.

The bond, which has been issued for a interval of two and a 50 % yrs, was around-subscribed by about 5 periods, in accordance to a source with direct understanding of the deal.

Tata Motors didn’t quickly reply for a ask for for remark. The enterprise owns British luxury model Jaguar Land Rover

Tata Motors experienced internet automotive personal debt of 409 billion rupees ($5.6 billion) at the end of last fiscal calendar year through March 31. The enterprise mentioned in 2020 it plans to be internet personal debt totally free at the end of three yrs.

Bank of The united states, BNP Paribas and ANZ ended up the direct managers on the deal, the time period sheet showed.

(Only the headline and photo of this report could have been reworked by the Business enterprise Common personnel the relaxation of the written content is automobile-created from a syndicated feed.)

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