Tata Motors issues US$750 m dual-tranche notes
Date: 24 Oct 2014
Tata Motors has said in a press release that the pricing of
a dual-tranche US$750million senior unsecured notes (“Notes”) following strong
demand aggregating USD 4.50 Bn for the offering that was launched and priced
within a single day on October 23rd 2014.
The Notes issued
include:
- US$500 million Senior Unsecured Notes due 2020 at a coupon
of 4.625% per annum
- US$250 million Senior Unsecured Notes due 2024 at a coupon
of 5.750% per annum
The release noted
that 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 30th October, 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.
The Joint Lead
Managers & Bookrunners for this offering were ANZ, Citigroup, Credit Suisse
and Standard Chartered Bank.
This announcement
does not constitute nor form a part of any offer or solicitation to purchase or
subscribe for securities in Singapore, India or elsewhere. The Notes, when
offered, will not be sold or made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to any person in Singapore other
than (i) to an institutional investor pursuant to Section 274 of the Securities
and Futures Act (Chapter 289 of Singapore) ("SFA"), (ii) to a
relevant person pursuant to Section 275(1), or any person pursuant to Section
275(1A), and in accordance with the conditions specified in Section 275, of the
SFA or (iii) otherwise pursuant to, and in accordance with the conditions of,
any other applicable provision of the SFA.
The Notes, when offered, will not be sold or made the
subject of an invitation for subscription or purchase, whether directly or
indirectly, to any person in India.
The Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of
any state of the United States. Consequently, the Notes may not be offered,
sold or otherwise transferred within the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state laws. No public
offering of the Notes is being or will be made in the United States, the
release added.