India : First dollar bond sale by Indian pharmaceutical company.
Glenmark Pharmaceuticals has secured $200 million by selling foreign currency bonds.
This marks the first dollar bond sale by an Indian pharmaceutical firm.
Glenmark secured the money through a five-year bond issue with a coupon rate of 4.5%.
The company had recently announced its plans to raise funds through a dollar bond issue and had conducted road shows across financial centres including Hong Kong and London.
The securities were priced at the lowest rate paid by an Indian high-yield bond issuer.
HSBC Holdings Plc. and Citigroup Inc. acted as bankers to the issue.
The net proceeds will be used to pay back current debt.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Jul 27, 2016|
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