Tata Steel to raise $250 million in Singapore bonds
Tata Steel looking to raise about 250 mn S'pore dollars in its first foreign currency bond issue this fiscal to repay some of its foreign loans.
The company, whose fortunes began to slide after it bought the Anglo Dutch steelmaker Corus Group Plc, will meet investors in the island city this week to gauge their interest, the bankers said not wanting to be identified.
Tata Steel will raise the money through its fully owned subsidiary ABJA Investment Co. Tata Steel is the guarantor to the bonds. A spokesman for the company did not respond to e-mails seeking comment.
"The pricing will depend on the credit history and investors' perception of the company," said one of the bankers involved in the issue, "They are a rare issuer in the foreign currency market, so that might give them some advantage."