i Develop Stocks Advisory: Tata Steel selling $101 mn of bonds

Monday, May 11, 2009

Tata Steel selling $101 mn of bonds

Tata Steel, part of India's diversified Tata group, is raising Rs 5 billion ($101 million) through the sale of bonds, according to a term sheet seen by Reuters.

The company, the world's sixth-largest steelmaker, is selling 10-year bonds at a coupon of 10.4 percent, payable annually. The bonds are rated 'AA' by Fitch and 'AA+' by CARE.

Fitch said the funds would partly be used to meet additional equity infusion in Tata Steel UK to prepay some debt.

The issue is scheduled to close on Friday, with pay-in on the same day. Standard Chartered Bank is the sole arranger to the issue.

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Monday, May 11, 2009

Tata Steel selling $101 mn of bonds

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