UPL announced that its subsidiary, UPL Corporation, Mauritius, has successfully placed 10 year US$ denominated Senior Unsecured Notes (Regulation S only Senior Notes) for aggregate amount of US$ 500 Mn at the coupon rate of 4.625% p.a.
The issue was very well received by the investors and UPL saw initial interest of up to US$ 3.3 Bn, an oversubscription of 6.6x.
The proceeds of the issue shall be utilised to fund buy back though tender offer of existing US$ 500 Mn 3.25% Notes – due in 2021, fully or partly (tender offer has been launched on 8 June, 2020). The remaining balance if any, would be utilised for any debt repayment on or before 30 October, 2021.
This issuance does not result in any increase in Net Debt of UPL.