You are here: Home » News-CM » Companies » News
Business Standard

UPL subsidiary UPL Corp successfully raises USD 500 mn

Business Finance

Capital Market 

UPL announced that its subsidiary, UPL Corporation, Mauritius, has successfully placed 10 year US$ denominated Senior Unsecured Notes (Regulation S only Senior Notes) for aggregate amount of US$ 500 Mn at the coupon rate of 4.625% p.a.

The issue was very well received by the investors and UPL saw initial interest of up to US$ 3.3 Bn, an oversubscription of 6.6x.

The proceeds of the issue shall be utilised to fund buy back though tender offer of existing US$ 500 Mn 3.25% Notes - due in 2021, fully or partly (tender offer has been launched on 8 June, 2020).

The remaining balance if any, would be utilised for any debt repayment on or before 30 October, 2021.

This issuance does not result in any increase in Net Debt of UPL.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, June 10 2020. 16:17 IST