Tata Motors tenders for up to $125 million of 5¾% senior notes due 2024

By Marisa Wong

Los Angeles, May 31 – Tata Motors Ltd. announced a tender offer for its outstanding $250 million 5¾% senior notes due 2024 (ISIN: XS1121908211).

The issuer is offering to purchase for cash up to $125 million principal amount of the notes, according to a notice.

The issuer is offering a purchase price of $1,005 per $1,000 principal amount, plus accrued interest.

Tenders may be subject to proration.

Tenders are irrevocable except in limited circumstances.

The offer expires at 11 a.m. ET on June 9.

Settlement is expected to occur on June 16.

The purpose of the tender offer is for gross debt reduction and management of the company’s debt maturity profile.

The joint dealer managers are BNP Paribas (+65 6210 3322, +44 20 7595 8668; dl.asia.syndicate@asia.bnpparibas.com / dl.liability.management@uk.bnpparibas.com; attn.: Asia Debt Syndicate) and Standard Chartered Bank (+65 6557 8286, +852 3983 8658, +44 20 7885 5739; attn.: liability management; liability_management@sc.com).

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; tatamotors@is.kroll.com; attn.: Mu-yen Lo; https://deals.is.kroll.com/tatamotors) is the tender and information agent.

Tata Motors is an automaker based in Mumbai.

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