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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.

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Publication:Mena Report
Date:Jul 27, 2016
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