Motherson raises $100 m from overseas bond sale

Mumbai,Aug8:Autoancillary player Samvardhana Motherson Group has raised$100millionindebtby selling bonds to overseas investors. The 5.5-year US dollar bond issue by Samvardhana Motherson Group has received an order book of $400 million against the $100 million on offer, helping the Noida-basedcompanyprice the issue at lower 4.44% coupon, against the initial guidance of 4.5%, a merchant banking source told PTI. The Reg S bonds will be listed on the Irish Stock Exchange, the sources added.

Samvardhana Motherson Group could not be immediately contacted.

The company has mandated Barclays, HSBC and Standard Chartered as joint managerstotheissue.While as many as 81% investors were from Asia and the rest from Europe, and 63% of them were fund managers, 31% banks and 6% of investors were private banks, the merchant bankers said.

Founded in 1975, the over $7.2 billion Samvardhana Motherson has a diversified industry-leading portfolio of auto ancillary products and services like electrical distribution systems, automotive rearview mirrors, polymer processing, lighting systems, air intake manifolds and HVAC systems among others.

The Nodia-based group has operations in 25 countries across the Americas, Europe, South Africa, West Asia, Asia-Pacific and Australia and has over 180 facilities and 24 design centres across the globe. PTI