Tata Sons to raise $500 mn in offshore loan, backed by BofA, SMB

Tata Sons will raise $500 million in offshore borrowings, backed by Bank of America, SMBC of Japan and Standard Chartered Bank as the company rolls over debt used to fund Tata Teleservices several years ago, reported The Economic Times on Thursday, quoting people familiar with the matter. 

The loan deal, the tenure of which is likely to be five years, is expected to be finalished in the coming weeks. It will likely be priced 110-120 basis points above the Secured Overnight Financing Rate (SOFR), reported ET. 

To cut debt at telecom firm Tata Teleservices, Tata Sons in 2018 took three