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

The bond, which has been issued for a period of two and a half years, was over-subscribed by about five times, according to a source with direct knowledge of the deal.

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Indian automaker Tata Motors has raised $ 425 million through unsecured offshore bonds at a rate of 4.35 percent to refinance existing debt and meet expenses, according to a term sheet of the deal seen by Reuters.

Of the proceeds raised, Tata will use 225 million pounds ($ 318 million) to refinance existing loans and the rest to meet corporate expenses, according to the paper.

The bond, which has been issued for a period of two and a half years, was over-subscribed by about five times, according to a source with direct knowledge of the deal.

Tata Motors didn’t immediately respond for a request for comment. The company owns British luxury brand Jaguar Land Rover

Tata Motors had net automotive debt of 409 billion rupees ($ 5.6 billion) at the end of last fiscal year through March 31. The company said in 2020 it plans to be net debt free at the end of three years.

Bank of America, BNP Paribas and ANZ were the lead managers on the deal, the term sheet showed.