India's Samvardhana Motherson unit accepts bids for 5-yr dollar bonds
MUMBAI, July 4 (Reuters) -A unit of Indian auto parts maker Samvardhana Motherson International SAMD.NS has accepted bids worth $350 million for the sale of its dollar-denominated bonds maturing in five years, the company said in a filing with stock exchanges late Wednesday.
SMRC Automotive Holdings Netherlands BV will pay a coupon of 5.6250% on this issue, which is 140 basis points over the five-year U.S. yields, comfortably below the initial price guidance of a spread of 175 bps.
The proceeds from the issue would be used for debt repayment and refinancing.
BNP Paribas, Citigroup, HSBC, J.P. Morgan and MUFG are the joint global coordinators and joint lead managers while DBS Bank and Standard Chartered Bank are the joint lead managers for the issue.
Samvardhana Motherson International is the guarantor for the proposed notes, which are rated Baa3 by Moody's and BBB- by Fitch Ratings.
Reporting by Dharamraj Dhutia
Editing by Eileen Soreng
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