Tata Steel bond to have step-up option: Report
Steelmaker Tata Steel's planned Rs 15 billion ($332 million) perpetual bond issue will have a step up option of 300 basis points after the 10th year.
By PTI |
MUMBAI: Steelmaker Tata Steel's planned Rs 15 billion ($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.
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.
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