Tata Capital plans to raise funds through the sale of U.S. dollar-denominated
bonds maturing in three-and-a-half years, two merchant bankers
aware of the matter said on Monday.
The non-banking financial company may look to raise anywhere
between $300 million to $500 million through this issue, the
pricing for which will be finalised before the end of this week,
the bankers added. The notes would be rated BBB by S&P, in line
with the issuer’s rating.
The bankers requested anonymity as they are not authorised
to speak to media. The company did not reply to a Reuters email
seeking comment.
Tata Capital will hold investor calls later in the day.
In January 2025, the company had raised $400 million through
its debut dollar debt issue with a similar maturity at a coupon
of 5.3890%. The paper was sold at a spread of 92 basis points
over Treasury.
Last week, non-bank lender IIFL Finance raised $300 million
through a four-year social bond, while non-bank lender Capri
Global also initiated its plans for a dollar debt sale.