TML Holdings Pte. Ltd, a wholly-owned subsidiary of Tata Motors Ltd (TML), has raised $425 million through unsecured notes at a rate of 4.35 per cent. The notes will be issued on June 9, with a maturity date of June 9, 2026.
TMLH is the holding company of Jaguar Land Rover Automotive Plc, Tata Daewoo, Korea and a few other international operations of Tata Motors.
The proceeds from the notes issuance will be used by TMLH for refinancing the outstanding syndicated loan facility of £225 million, for meeting the issue expenses and for other general corporate purposes, the company said in regulatory filings.
The transaction received significant interest from investors across Asia and Europe with the final order book in excess of $2.2 billion (representing an oversubscription of over 5.1x) from 138 accounts and 84 per cent of the final allocation to high quality, blue-chip real money funds and asset managers.