Tata Steel to raise Rs 500 crore via bonds sale
Tata Steel, the world’s sixth-largest steelmaker, is selling 10-year unsecured bonds with an annual coupon of 10.40 per cent. The issue is due to close on Friday, with settlement on the same day, the term sheet said. Standard Chartered Bank is the sole arranger.
The bonds are part of planned Rs $20 billion debt sales by Tata Steel. The bond programme has been rated ‘AA’ by Fitch, which has said the funds will partly be used for additional equity infusion in Tata Steel UK to prepay some of its debt.
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