By William Gullotti
Buffalo, N.Y., Jan. 18 – India’s Shriram Transport Finance Co. Ltd. issued $475 million of 4.15% notes due July 18, 2025 (BB/BB-), according to a listing notice on Tuesday.
According to Fitch Ratings, the notes will be issued under the company’s upsized $3.5 billion multi-currency global medium-term note program and are also subject to maintenance covenants that require the company to always meet regulatory capital requirements, keep a net stage 3 asset ratio equal to or less than 7%, and ensure its security coverage ratio is always equal to or greater than 1x.
The Rule 144A and Regulation S notes are expected to be listed on the Singapore Exchange effective Jan. 19.
The Mumbai-based company provides financing for commercial vehicles.
Issuer: | Shriram Transport Finance Co. Ltd.
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Amount: | $475 million
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Issue: | Notes
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Maturity: | July 18, 2025
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Coupon: | 4.15%
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Issue date: | Jan. 18
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Listing date: | Jan. 19
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Ratings: | S&P: BB-
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| Fitch: BB
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Distribution: | Rule 144A and Regulation S
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ISINs: | US825547AE20, USY7758EEH00
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