Tata TMT Holdings successfully prices USD 425 mn Note issuance

Tata Motors announced that on 02 June 2021, its wholly owned subsidiary, Tata TMT Holdings (TMLH) successfully priced a USD 425 million 5NC 2.5 year Fixed Rate Senior Unsecured Reg S only issuance due 2026 (the Notes) at a coupon rate of 4.350%. The Notes have received a rating of 'B' from Standard & Poor's Rating Service (S&P), which is equated to S&P's rating on TML (rated 'B' with stable outlook). The Notes will be issued on 09 June 2021 with a maturity date of 09 June 2026.

TMLH is the holding company of JLR Automotive Plc (JLR), Tata Daewoo, Korea and 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 GBP 225 million, for meeting the issue expenses and for other general corporate purposes.

The transaction received significant interest from investors across Asia and Europe with the final order book in excess of USD 2.2 billion (representing an oversubscription of over 5.1x) from 138 accounts and c. 84% of the final allocation to high quality, blue-chip real money funds and asset managers.

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