The 2016 Notes have been rated BB+ by S&P and are jointly and severally guaranteed on a senior secured basis by certain of its subsidiaries.
Motherson Sumi Systems Ltd has informed BSE that its subsidiary, Samvardhana Motherson Automotive Systems Group B.V. (the Company) has announced the pricing of its U.S $ 300 million 5.5-year non-call 3 year senior secured Notes offering at 4.875% per annum, due December 2021 (the 2016 Notes). This is the third successful issue of Notes by the company and marks its successful debut in the U.S. dollar bond markets. The 2016 Notes have been rated BB+ by S&P and are jointly and severally guaranteed on a senior secured basis by certain of its subsidiaries. An application is being filed to have the 2016 Notes listed on the Irish Stock Exchange.
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 Ltd., Deutsche Bank and HSBC acted as Joint Global Coordinators and ANZ, DBS Bank Ltd., Deutsche Bank, HSBC, Barclays and Standard Chartered Bank acted as Joint Bookrunners and Joint Lead Managers to the offering."
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 Ltd., Deutsche Bank and HSBC acted as Joint Global Coordinators and ANZ, DBS Bank Ltd., Deutsche Bank, HSBC, Barclays and Standard Chartered Bank acted as Joint Bookrunners and Joint Lead Managers to the offering."
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