Tata Steel said on Friday its wholly own subsidiary incorporated in Singapore, Abja Investment Co Pte Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets.<\/p>\n
The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028.<\/p>\n
\u201cThe transaction was launched on January 18, 2018 (Thursday). By the time books closed at the end of the day, the peak order book was in excess of $7 billion across tranches,\u201d a statement said.<\/p>\n
\u201cThe proceeds of the bonds will be used to refinance the offshore obligations of the Group, which will help de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile.<\/p>\n
\u201cThe completion of the refinancing also marks an important step forward to create a sustainable financial structure in preparation of the proposed joint venture in Europe,\u201d said Koushik Chatterjee, ED and CFO of Tata Steel.<\/p>\n
The bonds are rated BB- by S&P and will be listed on the Singapore Exchange .<\/p>\n
Road shows were organised simultaneously in Dubai, Singapore, London and Hong Kong and on the back of overwhelming investor response.<\/p>\n
\u201cThe tremendous response enabled the issue to be priced about 42 bps tighter than the initial price thoughts on both the tranches. The deal was distributed to a wide number of long term buy-and-hold institutional investors, banks and private banks across regions,\u201d it said.<\/p>\n
Chatterjee also said based on the buoyant trading performance of the existing bonds and strong credit appetite from quality investors, the company launched an innovative bond structure.<\/p>\n","protected":false},"excerpt":{"rendered":"
Tata Steel said on Friday its wholly own subsidiary incorporated in Singapore, Abja Investment Co Pte Ltd, has successfully issued dual tranche of $1.3 billion of unsecured bonds in the international markets. The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, […]<\/p>\n","protected":false},"author":1,"featured_media":19169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-19168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/19168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=19168"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/19168\/revisions"}],"predecessor-version":[{"id":19170,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/19168\/revisions\/19170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/19169"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=19168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=19168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=19168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}