Tata Motors announced the pricing of a dual-tranche USD 750 million senior unsecured notes following strong demand aggregating USD 4.50 billion for the offering that was launched and priced within a single day on Oct. 23, 2014.
The notes issued include; USD 500 million Senior Unsecured Notes due 2020 at a coupon of 4.625% per annum; USD 250 million Senior Unsecured Notes due 2024 at a coupon of 5.750% per annum.
The proceeds from the issuance and sale of the notes will be used to refinance external commercial borrowing of the company, incur new additional capital expenditure and for general corporate purposes.
The Notes are expected to be settled by Oct. 30, 2014.
''We are pleased to have completed this transaction successfully and we thank the investors for demonstrating their confidence in our company,'' said, Vijay Somaiya, vice president, finance and head treasury & investor relations, Tata Motors.
Shares of the company declined Rs 8.25, or 1.6%, to trade at Rs 508.70. The total volume of shares traded was 64,210 at the BSE (10.38 a.m., Monday).