The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.
Tata Steel today raised USD 1.5 billion (about Rs 9,000 crore) in a dual tranche bond sale in the international market, making it the largest such deal by the Tata group firm, sources said.
The dollar money was raised by the Singapore arm of Tata Steel ABJA Investments and the issue got an oversubscribed worth nearly USD 9 billion, according to the merchant banking sources.
The dual tranche RegS bond include USD 500 million of 5.5 year-money priced at 4.85 percent over the US treasury and the remaining USD 1 billion carries a tenure of 10 years carrying a coupon of 5.95 percent, the sources at the i-banks, which include RBS and BNP Paribas, told PTI.
The company could not be reached for comments.
The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.
Tata Steel, which is the top producer of the alloy in the country, has been trying it pare its huge debt to lower interest costs and has a headroom to raise USD 3.2 billion for debt repayment through refinancing.
The company has to repay USD 5 billion worth of debt by the end of 2015. According to the balancesheet, the company has over USD 14.4 billion of bonds and loans outstanding.
It can be noted that after struggling for years, the domestic business of the company turned around last fiscal, but its larger international subsidiary Corus or Tata Steel Europe has been a drain on the company ever since it bought out the struggling Anglo-Dutch steel maker in March 2008 for USD 12.04 billion.
Tata Steel stock price
On July 23, 2014, Tata Steel closed at Rs 554.95, down Rs 7.15, or 1.27 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 195.40.
The company's trailing 12-month (TTM) EPS was at Rs 66.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.41. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.88.
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