$350 million raised by Samvardhana Motherson via bonds

05 Jul 2024 CW Team

Samvardhana Motherson International, a manufacturer of auto components, has collected $350 million from foreign investors by offering five-year bonds. SMRC Automotive Holdings Netherlands, a subsidiary, sold the bonds, which are priced 140 basis points over the US Treasury's five-year bond, which is presently trading at around 4.30%. When expenses were factored in, the bond's yield came to 5.72%. According to persons with knowledge of the specifics, Motherson will use the money to refinance its current debt, which matures later this month. "Compared to the earlier guideline of 175 basis points above the US Treasury five-year bond, the final price of the bonds is tighter. The business was able to price its bonds within the guidelines since the issue's entire order book was $2.20 billion, according to an individual with knowledge of the situation. Among the bankers involved in the matter are JP Morgan, MUFG, DBS Bank, and BNP Paribas. Banks could not be reached individually.

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