"The Notes have received an expected rating of ‘B’ from S&P, which is equated to S&P’s rating on TML (rated ‘B’ with a negative outlook). The Notes will be issued on 3rd December 2020 with maturity date on 3rd June 2024," Tata Motors added.
TMLH is the holding company of JLR Automotive Plc (“JLR”), Tata Daewoo, Korea and few other international operations of Tata Motors.
The proceeds from the Notes issuance will be used by TMLH for refinancing the upcoming maturity of its unrated 5.75% USD300mn senior unsecured notes due in May 2021.
Further, the company said, the transaction received significant interest from investors across Asia and Europe, with the final order book above $1.7B (representing oversubscription of almost 6x) from 135 accounts and c.90% of the subscription from high quality, blue-chip real money funds and asset managers.
On Sensex, Tata Motors closed flat at Rs179.70 per piece compared to the previous closing.