Tata Steel has raised ________ by issuance of unsecured bonds in the international markets.
$1.2 billion
$50 million
$1 billion
$1.3 billion
$1.5 billion
Answers
Answer:
$1.3 billion
Explanation:
Answer:
$1.3 billion
Explanation:
Bonds
Tata Steel raises $1.3 billion via dollar bonds at a tighter price
Tata Steel was set to raise a $1-billion bond issue as part of a mega financing exercise.
The bonds were in two tranches including $300 million with 5.5 year maturity and $ 1 billion with 10-year maturity.
MUMBAI - Tata Steel has raised 1.3 billion by selling dollar-denominated bonds to overseas investors, who rushed to grab the high-yielding securities. The company has obtained oversubscription in excess of $7 billion reflecting strong investment appetite for such papers.
The bonds were in two tranches including $300 million with 5.5 year maturity and $ 1 billion with 10-year maturity. They have offered 4.45% and 5.45% respectively.
“The 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,” said Koushik Chatterjee, ED and CFO of Tata Steel in a release on Friday.