NEW DELHI: Indian automaker Tata Motors has raised $425 million thru unsecured offshore bonds at a rate of 4.35% to refinance present debt and meet costs, constant with a term sheet of the deal considered by Reuters.
Of the proceeds raised, Tata will exhaust 225 million kilos ($318 million) to refinance present loans and the leisure to meet corporate costs, constant with the paper.
The bond, which has been issued for a interval of two and a half years, became as soon as over-subscribed by about 5 times, constant with a source with direct records of the deal.
Tata Motors did not straight reply for a quiz for comment. The firm owns British luxury stamp Jaguar Land Rover
Tata Motors had earn car debt of Rs 40,900 crore ($5.6 billion) at the pause of final fiscal twelve months thru March 31. The firm said in 2020 it plans to be earn debt free at the pause of three years.
Monetary institution of The US, BNP Paribas and ANZ were the lead managers on the deal, the term sheet showed.