Latest News | Agro-chemical Firm UPL's Mauritian Arm Raises USD 500 Mn

New Delhi, Jun 10 (PTI) Agro-chemical major UPL Ltd on Wednesday said its Mauritian subsidiary has raised USD 500 million by issuing bonds to buy back existing debt securities and debt repayment.

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UPL Corporation Ltd, Mauritius, a subsidiary of UPL, has successfully placed 10-year dollar-denominated senior unsecured notes for an aggregate amount of USD 500 million at the coupon rate of 4.625 per annum, according to a regulatory filing.

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

The bonds will mature on June 16, 2030.

"The proceeds of the issue shall be utilised to fund buyback through tender offer of existing USD 500 million 3.25 per cent notes -- due in 2021, fully or partly (tender offer has been launched on June 8, 2020).

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

This issuance does not result in any increase in the net debt of UPL.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)