New Issue: India’s Bajaj Finance prices Rs. 6.07 billion redeemable debentures

By Tali Rackner

Norfolk, Va., Nov. 30 – Bajaj Finance Ltd. priced Rs. 6,068,000,000 of secured redeemable non-convertible debentures with five options, according to a notice.

The first option due 2021 bears interest at 7.6%. The second option due 2020 bears interest at 7.49% with a yield to maturity rate of 7½% XIRR. The third option due 2019 bears interest at 7½%. The fourth and fifth options due 2019 and 2020 carry no coupon and have yield to maturity rates of 7½% XIRR and 7.55% XIRR, respectively.

The 6,068 debentures, with a face value of Rs. 1 million each, will be issued on a private placement basis and listed on the wholesale debt market segment of the BSE Ltd.

Bajaj Finance is a Pune, India-based company with a focus on consumer finance, small- and medium-sized enterprise finance, commercial lending and investment services.

Issuer:	Bajaj Finance Ltd.
Issue:	Secured redeemable non-convertible debentures
Amount:	Rs. 6,068,000,000
Allotment date:	Nov. 30
Option I
Redemption amount:	Rs. 1 million per Rs. 1 million debenture
Coupon:	7.6%
Maturity:	Nov. 30, 2021
Option II
Redemption amount:	Rs. 1 million per Rs. 1 million debenture
Coupon:	7.49%
Yield to maturity: 7½% XIRR
Maturity:	Jan. 31, 2020
Option III
Redemption amount:	Rs. 1 million per Rs. 1 million debenture
Coupon:	7½%
Maturity:	Dec. 2, 2019
Option IV
Redemption amount:	Rs. 1,229,320 per Rs. 1 million debenture
Coupon:	0%
Yield to maturity: 7½% XIRR
Maturity:	Oct. 8, 2019
Option V
Redemption amount:	Rs. 1,309,449 per Rs. 1 million debenture
Coupon:	0%
Yield to maturity: 7.55% XIRR
Maturity:	Aug. 13, 2020

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