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Motherson Sumi Systems, the auto component maker has said that its subsidiary Samvardhana Motherson Automotive Systems Group will be raising USD 300 million (around Rs 2,000 crore) by issuing of notes due in December 2021 for repayment of debt and general corporate purposes.
Motherson Sumi Systems Ltd has said in a BSE filing that “Our subsidiary, Samvardhana Motherson Automotive Systems Group B.V. has announced the pricing of its USD 300 million 5.5 year non-call 3 year senior secured Notes offering at 4.875 percent per annum, due December 2021.”
It has said further that “This is the third successful issue of Notes by the company and marks its successful debut in the US dollar bond markets.”
The company has said that the proceeds from the issuance and sale of the 2016 Notes will be used for repayment of existing third party indebtedness and for general corporate purposes, including to make certain capital expenditures.
