Tata Motors arm TML Holdings to raise funds at coupon rate of 4.35 pc
Jun 03, 2021
Mumbai (Maharashtra) [India], June 3 : TML Holdings Pte Ltd (TMLH), a wholly-owned subsidiary of Tata Motors Ltd (TML), has successfully priced a USD 425 million five-and-a-half year fixed rate senior unsecured Reg S only issuance due 2026 at a coupon rate of 4.35 per cent.
The notes have received a rating of B from Standard & Poor which is equated to its rating on TML. The notes will be issued on June 9, 2021 with a maturity date of June 9, 2026, TML said in a statement on Thursday.
TMLH is the holding company of JLR Automotive Plc, Tata Daewoo of South Korea and few other
international operations of Tata Motors.
"The proceeds from notes issuance will be used by TMLH for refinancing the outstanding syndicated loan facility of GBP 225 million, for meeting the issue expenses and for other general corporate purposes," said TML.
The transaction received significant interest from investors across Asia and Europe with the final order book in excess of USD 2.2 billion (representing an oversubscription of over 5.1x) from 138 accounts and 84 per cent of the final allocation to high quality, blue-chip real money funds and asset managers.
