Tata Motors Ltd has raised $425 million through unsecured offshore bonds at a rate of 4.35 per cent to refinance existing debt and meet expenses, according to a term sheet of the deal seen by Reuters.

Of the proceeds raised, Tata will use 225 million pounds ($318 million) to refinance existing loans and the rest to meet corporate expenses, according to the paper. The bond, which has been issued for a period of two and a half years, was oversubscribed by about five times, according to a source with direct knowledge of the deal.

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Tata Motors didn’t immediately respond for a request for comment. The company owns British luxury brand Jaguar Land Rover. Tata Motors had net automotive debt of 409 billion rupees ($5.6 billion) at the end of last fiscal year through March 31. The company said in 2020 it plans to be net debt-free at the end of three years. Bank of America, BNP Paribas, and ANZ were the lead managers on the deal, the term sheet showed.

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