New Delhi, Auto component maker Samvardhan Motherson International Ltd on Friday said it has raised US $ 350 million (about Rs 2,920 crore) by issuing notes.
The notes were issued by step-down subsidiary, SMRC Automotive Holdings Netherlands BV (SAHN BV), backed by the corporate guarantee of Samvardhan Motherson International Limited (SAMIL), the company said in a statement.
It said the issue was oversubscribed six times with a peak order book of over US$2.2 billion.
"The funds raised through the note issuance mark Motherson Group's return to the USD bond market after 8 years and for the first time with dual investment grade ratings from two prestigious international credit rating agencies - Moody's and Fitch," Samil said.
This issue is debt neutral as the proceeds from it will be used to repay existing debt. It said the notes would be listed on the Frankfurt Stock Exchange.
Laksh Vaman Sehgal, Vice Chairman, Motherson Group, said, "The success of this transaction is a testament to Motherson Group's adherence to prudent financial policies, which is underlined by recent rating upgrades by various international rating agencies."
The notes were issued by step-down subsidiary, SMRC Automotive Holdings Netherlands BV (SAHN BV), backed by the corporate guarantee of Samvardhan Motherson International Limited (SAMIL), the company said in a statement.
It said the issue was oversubscribed six times with a peak order book of over US$2.2 billion.
"The funds raised through the note issuance mark Motherson Group's return to the USD bond market after 8 years and for the first time with dual investment grade ratings from two prestigious international credit rating agencies - Moody's and Fitch," Samil said.
This issue is debt neutral as the proceeds from it will be used to repay existing debt. It said the notes would be listed on the Frankfurt Stock Exchange.
Laksh Vaman Sehgal, Vice Chairman, Motherson Group, said, "The success of this transaction is a testament to Motherson Group's adherence to prudent financial policies, which is underlined by recent rating upgrades by various international rating agencies."
