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Tata Steel has raised USD 1.3 billion via issuance of unsecured bonds in international markets.
In a regulatory filing the company stated, “The issue comprises USD 300 million 4.45% unsecured bonds due on July 24, 2023 and USD 1 billion 5.45% unsecured bonds due on January 24, 2028 by Abja Investment Co Pte Ltd, a wholly-owned subsidiary of Tata Steel incorporated in Singapore.”
Koushik Chatterjee, Tata Steel ED and CFO stated that, the revenue of the bonds will be used for refinancing the offshore obligations of the group, which in turn will help de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile
Further, the bonds are rated ‘BB-‘ by S&P and will be listed on the Singapore Exchange (SGX).
