TATA MOTORS RAISES $425 MN VIA OFFSHORE BONDS TO MEET EXPENSES

Tata Motors Ltd on Thursday raised $425 million by issuing fixed-rate unsecured bonds to refinance some of the existing debt of its units, especially Jaguar Land Rover, and meet expenses.

The company borrowed the funds at a coupon rate of 4.35% and the issuance was rated ‘B’ by agency Standard and Poor’s Ratings Service. Tata Motors raised the capital through TML Holdings Pte. Ltd (TMLH), the holding company of JLR Automotive Plc, Tata Daewoo and a few other international operations of Tata Motors, the company said.