UPL plans to raise about $500 million via bonds as economy is opened up

Moody's assigns Baa3 rating, says outlook stable for agrochemical company.

UPL Corporation, an agrochemical company, plans to raise about $500 million through international market for repayments and raising resources as the economy opens up after a weeks-long nationwide lockdown to contain the coronavirus pandemic.

Moody's Investors Service has assigned a Baa3 rating (stable) to the proposed senior unsecured notes to be issued by UPL Corporation.

Banking sources said the company will interact with prospective investors after entering the market recently. While fund raising through medium term offering could be in region of $500 million, the actual size of issue and pricing would be decided based on market conditions and response, bankers said.

UPL