Categories: Business

Tata Motors raises $425m in offshore bonds to pare debt

NEW DELHI: Indian automaker Tata Motors has increased $425 million by unsecured overseas bonds in a rate of 4.35percent to refinance current debt and meet costs, as reported by a term sheet of this bargain viewed by Reuters.
Of the profits increased, Tata will utilize 225 million pounds ($318 million) to refinance current loans along with the remainder to fulfill corporate costs, according to the paper.
The bond, that was issued for a period of 2 and a half decades, has been over-subscribed by roughly 5 times, according to a source with direct knowledge of this offer.
Tata Motors did not immediately respond to get a petition for comment.
The business possesses British luxury brand Jaguar Land Rover Tata Motors had net automotive debt of Rs 40,900 crore ($5.6 billion) in the end of last financial year by March 31.
The business stated in 2020 it intends to be web debt free at the end of 3 decades.
Bank of America, BNP Paribas and ANZ have been the lead managers to the agreement, the expression sheet revealed.

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