MUMBAI, March 17 (Reuters) - Indian steelmaker Tata Steel's planned 15 billion rupees ($332 million) perpetual bond issue will have a step up option of 300 basis points after the 10th year, a source with knowledge of the deal told Reuters.
The Tier-I bonds will carry a coupon of 11.8 percent payable semi-annually.
The perpetual bond issue is likely to be launched as early as this week and ICICI Bank would subscribe to the entire issue, according to IFR a Reuters service.
The bonds carry a AA rating by CARE. ($1 = 45.2 rupees) (Reporting by Neha D'silva and Archana Narayanan; Editing by Ranjit Gangadharan,sourced Reuters)
The Tier-I bonds will carry a coupon of 11.8 percent payable semi-annually.
The perpetual bond issue is likely to be launched as early as this week and ICICI Bank would subscribe to the entire issue, according to IFR a Reuters service.
The bonds carry a AA rating by CARE. ($1 = 45.2 rupees) (Reporting by Neha D'silva and Archana Narayanan; Editing by Ranjit Gangadharan,sourced Reuters)
Posts
