Jaguar Land Rover launches $1.67 bn senior notes offering

Jaguar Land Rover Plc, owned by Tata Motors, said on Monday it launched a 1 billion pound (USD 1.67 billion)-equivalent pound and dollar denominated senior notes offering and plans to partly use the proceeds to refinance debt.

The Jaguar and Land Rover unit, which Tata Motors bought from Ford Motor Co in 2008 for USD 2.3 billion, was initially loss making . Tata Motors had at the time launched a USD 3 billion loan to fund the purchase.
The unit has seen a turnaround in the last few quarters and posted profit of Rs 1958 crore for the three months ended December.
On Friday, the British luxury carmaker said it was seeking a partner in the fast-growing Chinese market as it ploughs more than 5 billion pounds (USD 8.2 billion) into developing new vehicles over the next five years.