Mumbai, June 9 (IANS) Automotive wiring and accessories firm Motherson Sumi Systems on Thursday announced its debut in the US dollar bond markets through its subsidiary Samvardhana Motherson Automotive Systems Group B.V.
“Our subsidiary Samvardhana Motherson Automotive Systems Group has announced the pricing of its $300 million 5.5 year non-call three year senior secured notes offering at 4.875 per cent per annum, due December 2021 (The 2016 notes),” said the company in a regulatory filing.
Rated BB+ by S&P and jointly and severally guaranteed on a senior secured basis by some of Motherson Sumi Systems’ subsidiaries, the development is the third successful issue of Notes by the company.
“An application is being filed to have the 2016 Notes listed on the Irish Stock Exchange,” said the filing.
The proceeds from the issuance and sale of 2016 Notes will be deployed to repay existing third party indebtedness and for general corporate purposes, which also includes certain capital expenditures.
The offering is scheduled to close on June 16, 2016, the filing added.