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Last Updated : Jun 09, 2016 11:52 AM IST | Source: PTI

Motherson Sumi to raise $300 mn to repay debt, capex

Motherson Sumi said the proceeds from the issuance and sale of the 2016 Notes will be used to repay existing third party indebtedness and for general corporate purposes, including to make certain capital expenditures.

 
 
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Auto component maker Motherson Sumi Systems today said its subsidiary Samvardhana Motherson Automotive Systems Group will raise USD 300 million (around Rs 2,000 crore) through issue of notes due in December 2021 to repay debt and general corporate purposes.


"Our subsidiary, Samvardhana Motherson Automotive Systems Group B.V. has announced the pricing of its USD 300 million 5.5-year non-call 3 year senior secured Notes offering at 4.875 percent per annum, due December 2021," Motherson Sumi Systems Ltd said in a BSE filing.


It further said: "This is the third successful issue of Notes by the company and marks its successful debut in the US dollar bond markets".

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Motherson Sumi said the proceeds from the issuance and sale of the 2016 Notes will be used to repay existing third party indebtedness and for general corporate purposes, including to make certain capital expenditures.


The offering is scheduled to close on June 16, 2016.


ANZ, DBS Bank, Deutsche Bank and HSBC acted as Joint Global Coordinators and ANZ, DBS Bank, Deutsche Bank, HSBC, Barclays and Standard Chartered Bank acted as Joint Bookrunners and Joint Lead Managers to the offering, the company said.

Motherson Sumi shares were trading 1.05 percent lower at Rs 286.90 on BSE.



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First Published on Jun 9, 2016 11:02 am
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